A&P Exits Bankruptcy as Private Supermarket Chain
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Great Atlantic & Pacific Tea Co., the supermarket company known as A&P, said it completed a financial restructuring and emerged from bankruptcy proceedings as a private company.
A&P assembled a new management team, refurbished stores and concentrated them near core markets, negotiated a new agreement with its principal supplier, and modified collective-bargaining pacts with unions, the company said in a statement today. JPMorgan Chase & Co. and Credit Suisse arranged $645 million in exit financing, A&P said.