Tesco's Fresh & Easy Chain Files Bankruptcy

September 30, 2013
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Tesco’s Fresh & Easy Neighborhood Market filed for bankruptcy so it can sell itself at auction with an affiliate of billionaire Ron Burkle’s Yucaipa Cos. as the lead bidder, according to Businessweek.com.  

Fresh & Easy today listed debt of as much as $1 billion and assets of as much as $500 million in a filing in U.S. Bankruptcy Court in Wilmington, Delaware.

Under the proposed deal, a Tesco affiliate would loan the Yucaipa affiliate $120 million to help fund the takeover. Tesco would get warrants to buy as much as 10 percent of the equity in the reorganized supermarket chain. Should Yucaipa win a proposed court-sanctioned auction, a Tesco unit would retain 22.5 percent of the equity in the reorganized chain.

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