The U.S. Bankruptcy Court for the District of Delaware confirmed Southeastern Grocers‘ amended prepackaged Chapter 11 plan.

The company expects to complete its financial restructuring process and emerge from Chapter 11 in the coming weeks, after the conditions of the plan are satisfied.

According to documents filed with the court, SunTrust Bank will serve as administrative agent and collateral agent for a $525 exit term loan, including a $550 million exit term loan with SunTrust Bank as administrative and collateral agent.

The plan will decrease overall debt levels by approximately $600 million, including $522 million of debt exchanged for equity in the reorganized company, and strengthen the company’s balance sheet, allowing SEG to invest in the business to further support its financial health and long-term success.

Anthony Hucker, president and CEO of SEG, said, “We are delighted with the court’s swift approval which marks a major milestone in the transformation and correction of our business. This confirmation paves the way for us to emerge as a strong, viable business that is well-positioned to succeed in the competitive retail market.”

SEG will continue to operate more than 575 stores under the BI-LO, Fresco y Más, Harveys Supermarket and Winn-Dixie banners.

Weil, Gotshal & Manges served as legal counsel, Evercore as investment banker and FTI Consulting as restructuring advisor to SEG.