South Carolina Chapter 11 Bankruptcy for Retailer Bi-Lo a Success
Written by Greenville/Spartanburg Bankruptcy Lawyer, Däna Wilkinson
Grocery chain Bi-Lo, Inc. has successfully emerged from Chapter 11 reorganization. Probably the largest Chapter 11 reorganization case to be handled in South Carolina, approval of the reorganization plan will allow most stores to remain open, keep thousands in South Carolina and in the Southeast employed, and allow the company to maintain its headquarters in Greenville.
The Bi-Lo case was unusual for South Carolina, because most such large corporations choose to file Chapter 11 in places like Delaware and New York. But Bi-Lo stayed close to home, obviously confident that the Bankruptcy Court in South Carolina is capable of handling the logistics of a large case, as well as understanding the legal issues unique to large reorganizations. That is not only good for South Carolina businesses, but also good for those South Carolina consumers who occasionally get caught up in these big cases, usually because they have personal injury claims. If a case is filed in some far-flung location, it may not be practical for consumers to have any voice in those cases.
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how does chapter 11 work with a small business where the primary home is mortgaged for as a business loan? i have tried to getbank to extend terms to lower payment to noavail. i am working my butt off every day 12 hours except sunday. i have been in my home 33 yrs and only recently gotten in a bind. i want to keep my business and home but bank does not want to help. i am 2 pmts behind , making 1 of them tomorrow