Winn-Dixie holdback confirms plan, closing SEG prepackaged case
The court approved disclosure-statement and solicitation relief and confirmed the amended prepackaged plan solely for Winn-Dixie Warehouse Leasing, LLC, the remaining debtor left outside the May 2018 effective-date notice for the rest of the SEG debtors. The order was entered May 30, 2019, and the plan became effective that same day for that entity source filing source filing. That closes the residual plan-process gap after the main SEG plan was confirmed on May 14, 2018 and went effective May 31, 2018 for Southeastern Grocers and its affiliated debtors other than Winn-Dixie Warehouse Leasing source filing.
Baseline: SEG filed in Delaware on March 27, 2018 with a plan already filed and prepetition votes solicited, listing $1.0 billion-$10.0 billion of both assets and liabilities and 50,001-100,000 creditors source filing. The Jacksonville-based operator ran 702 BI-LO, Winn-Dixie, Harveys and Fresco y Más stores in seven Southeastern states, carried about $1.331 billion of funded debt, and entered Chapter 11 with an RSA supported by about 80% of unsecured noteholders and Lone Star equity parties. The case was built around a roughly $500 million deleveraging, $1.125 billion of exit financing, ordinary-course payment of general unsecured claims, closure of about 100 supermarkets, and up to $100 million of Chapter 11 liquidity from C&S source filing.