Grocer A&P has completed its financial restructuring and emerged from bankruptcy protection as a private company. It has obtained $490m (£308.3m) in financing from Yucaipa Cos – an investment vehicle for Burkle – Goldman Sachs Asset Management and Mount Kellett Capital Management an investor in distressed companies.
According to the grocer, it has refurbished stores near core markets, negotiated a new agreement with its principal supplier and modified collective-bargaining pacts with unions.
The retailer has appointed Raymond Silcock as chief financial officer. Silcock replaces Frederic Brace, who is leaving his post in conjunction with the emergence from bankruptcy protection.