And Di Giorgio Corp., a privately-held distributor based inCarteret, NJ, has emerged as a leading contender to buy thetroubled Grand Union and take it out of bankruptcy, according topublished reports. Di Giorgio is a $1.4 billion company that alsoruns the gaming company, Park Place entertainment.
Grand Union Inc. has also replaced one of its financial advisorsin its effort to find the right buyer. Consultant Nightingale &Associates of Stamford, CT has replaced Alvarez & Marsal Inc.on the company's reorganization team, which is led by Merrill Lynch& Co. Grand Union has been in Chapter 11 twice in five yearsand Nasdaq delisted its stock in July. Its stock currently tradesover-the-counter at less than 19 cents a share.
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