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BI-LO asks court to determine value of term loan lenders' collateral
By Caroline Salls
Pittsburgh, April 14 - BI-LO, LLC has asked the U.S. Bankruptcy Court for the District of South Carolina to schedule a valuation hearing for the company's term loan lenders' collateral, according to a Monday court filing.
Specifically, the company said it is asking the court to rule that the value of the term lenders' collateral is less than the balance due on their claims for all purposes before confirmation of a plan of reorganization.
According to the motion, the term lenders are demanding payment of post-bankruptcy interest and professional fees, but BI-LO is arguing that the interest or fees are not payable if the lenders are undersecured.
The company said the proposed valuation would also serve as a benchmark for adequate protection.
BI-LO, a Greenville, S.C., supermarket operator, filed for bankruptcy on March 23. The Chapter 11 case number is 09-02140.
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