Pathmark had been privately held for the last 13 years, slippinginto Chapter 11 last summer after years of financial woes. At itsfiling, the company submitted a prepackaged reorganization planthat had the support of bondholders. Pathmark has also closed on a$600 million financing package from a group of institutions led byChase Manhattan.
The chain's new ownership consists of several mutual funds, ledby Fidelity Investments. No longer privately owned, the companywill begin trading common stock and warrants shortly, according toofficials.
The company's enormous debt traces back to a leveraged buyout 13years ago.
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