Tengelmann-controlled grocer A&P has been approved a second deadline extension by the US Bankruptcy Court to submit an exclusive reorganization plan to its creditors. The cut-off date will be extended to January 16, 2012 from the previous deadline of December 31, 2011.
As negotiations continue with trade unions covering its approximately 40,000-strong workforce, the retailer has argued that an extension would assure stability throughout the holiday season, giving it “the very best opportunity for a successful exit from Chapter 11”.
No comments:
Post a Comment