AWI Files Chapter 11; Owes BofA-Led Bank Group $131.9MM
Associated Wholesalers (AWI), the parent of White Rose, an independent food distributor in the New York City area, filed for bankruptcy and said it had agreed to sell substantially all its assets to C&S Wholesale Grocers, one of the largest privately held U.S. companies.
According to bankruptcy court documents filed in the U.S. bankruptcy court in Wilmington, as of the petition date, AWI owes a bank group led by Bank of America (successor to LaSalle Bank) $131.9 million (inclusive of letters of credit), plus accrued interest.
According to bankruptcy court documents, AWI has arranged debtor-in-possession financing with Bank of America and other parties, subject to court approval.
Representing AWI are Lazard Middle Market as financial adviser, Carl Marks Advisory Group as restructuring adviser, and the law firms Saul Ewing and Rhoads & Sinon.