CHARLOTTE, NC-GE Capital has provided $150 million in restructuring financing to South Carolina-based BI-Lo, one of the largest super market chains in the Southeast, in early May. BI-Lo, which exited Chapter 11 in early May, also received debtor-in-possession financing from GE. The restructuring financing supports Bi-Lo’s exit from bankruptcy and ongoing working capital needs.
Founded in 1964, Bi-Lo is a privately-held company based in Mauldin, SC. It was a performing retail chain in March of 2009, when it filed voluntary Chapter 11, because it had debt maturities of $260 million, which it couldn’t refinance, given the condition of the debt markets last year. While in bankruptcy, the company closed eight or nine stores. Today, the company has roughly 200 stores.
BI-Lo is usually the number one or two player in the markets where it is located, says an unnamed source at GE Capital in Norwalk, Connecticut. “But it all depends on who is in those markets,” he says.
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