Tops Prepares Plan
To Avoid Bankruptcy
COOPERSTOWN – Williamsville-based Tops Markets, which operates a supermarket in Cooperstown Commons, announced that it has filed a Plan of Reorganization with U.S. Bankruptcy Court for the Southern District of New York.
The plan incorporates the company’s court-approved agreements with its unions and is supported by certain of the company’s senior secured lenders that hold more than 87 percent of its Senior Secured Notes due 2022, the company said.
“The filing of our plan moves Tops another step closer to a successful completion of our financial restructuring,” said CEO Frank Curci. “We are pleased to submit a plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from this process as a stronger competitor.”
He thanked employees and customers for their patience and loyalty.
The company is scheduled to appear in court Nov. 8, seeking approval of the plan. For more details on the plan, click here.