Arizona's largest locally owned grocer will start the new year on stronger financial footing with greater operating flexibility.
Bashas' Family of Stores announced Friday that it had refinanced approximately $185 million in secured debt that had hobbled the company since its Chapter 11 reorganization last year.
"The company will operate under more normal business circumstances instead of solely relying on its own cash," said Bashas' Vice President Edward N. "Trey" Basha III in a letter to employees. He added the deal also provides the company with more stability and security to navigate the challenging economic times.
The debt-repayment schedule, approved by the U.S. Bankruptcy Court in August 2010, left Bashas', based in Chandler, unable to arrange outside financing without repaying the total debt, initially about $200 million.
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