No Food Lion Takeover for BiLo

     Food Lion is out of the BI-LO sweepstakes.
     On Monday BI-LO officials announced plans to re-emerge from bankruptcy.
     They got a cash infusion from Lone Star Funds to avoid the proposed Food Lion buyout.
     They expect no major changes at the food chain if the bankruptcy plan is approved.

     “Today marks a significant milestone and an important next step in our restructuring efforts,” said Michael Byars, President and Chief Executive Officer of BI-LO. 

     Byars added, “I’d like to thank all of our teammates for their continued hard work, dedication and commitment to BI-LO.  We look forward to working with all of our Creditors and the Court to reach an agreement that will enable us to emerge from this process as expeditiously as possible. As we work toward a successful restructuring, we will continue to provide our customers and communities with the freshest products and the same top quality brands they have come to expect.”