Bi-Lo completes financial restructuring

GREENVILLE, S.C. Bi-Lo has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy protection, the chain said Thursday.

"Today is a great day for Bi-Lo, our teammates and our loyal customers," said Michael Byars, Bi-Lo president and CEO. "With our financial restructuring now behind us, we are emerging from Chapter 11 with a strengthened balance sheet and enhanced financial flexibility that positions Bi-Lo for continued success in the markets in which we operate. Our lean capital structure and more focused footprint will enable us to continue putting our customers first and exceeding their expectations every time they visit our stores."

Bi-Lo's plan of reorganization was confirmed by the U.S. Bankruptcy Court of South Carolina on April 29 and has met all closing conditions of its plan of reorganization and plan of arrangement, the retailer said.