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MONTVALE, N.J. — Bankrupt grocer A&P has announced that the U.S. Bankruptcy Court for the Southern District of New York has approved the $800 million debtor-in-possession financing provided by JPMorgan Chase. Of the total DIP facility, a $350 million term loan immediately has been made available.
As previously reported, A&P filed for bankruptcy on Sunday and will keep its 395 stores open and operational during the proceedings.
In addition, the court granted A&P's motion to approve its request for "first day orders," including:
Immediate authority to pay employees' salaries and wages and to continue providing health and other employee benefits to them;
Authority to pay certain pre-petition obligations to critical vendors and suppliers in the ordinary course; and
Authority to continue to satisfy all of its pre-petition obligations to customers, including existing loyalty and promotional programs.
Founded in 1859, A&P is one of the nation's first supermarket chains. Aside from its namesake A&P chain, the company also owns Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Fresh and Food Basics banners.