Daily News: January 25, 2012

Court Approves A&P Exit Financing From J.P Morgan, Credit Suisse

Dow Jones Newswires has reported that U.S. Bankruptcy Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York has granted permission for Great Atlantic & Pacific Tea Co. (A&P) to receive $750 million in exit financing, consisting of a $400 million revolver and a $350 million term loan from J.P. Morgan Chase and Credit Suisse.

The article noted that J.P. Morgan will provide $75 million of the revolver and Credit Suisse will offer $25 million. The rest of the financing will come from others lenders.

Judge Drain has slated a hearing for February to approve A&P’s Chapter 11 exit plan. Previously, he granted his approval for the company to file its own plan without other rival plans.

Previously on abfjournal.com:

A&P to Close 14 Stores as Part of Turnaround Strategy, Tuesday, January 10, 2012