Last Friday, an Arizona judge approved the Arizona grocer Bashas' Inc.'s plan to exit Chapter 11 bankruptcy.  Judge James Marlar, who approved the plan, said that he approved Bashas' Inc.'s exit strategy despite objections from its creditors because he believed it would speed up the case and benefit all parties involved.  

"Any new plan could not exceed the 100 percent payment now proposed ... It would be futile to go back to the drawing board, with an acceptable 100 percent payment plan now before the court," stated Marlar.

Bashas' filed for Chapter 11 bankruptcy in June 2009 with $271 million in liabilities and $386 million in assets.  Chapter 11 bankruptcy allows a business to continue operating while they restructure the company and create a plan to pay off lenders.  Bashas' Inc. plans to pay back $155 million in remaining debt over a three year period.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Arizona Chapter 11 bankruptcy lawyers of Harmon Law Office, LLC at 480-829-0494 to learn more about your rights.