Bankrupt Andronico’s Await New Ownership

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Last month Andronico’s Community Market filed for bankruptcy protection. There are 3 possible investors keen on acquiring the 82-year old family grocery business. The largest of the three investors is Renovo Capital, which already owns $29 million of the business debt. The other two investors remain anonymous for now due to a disclosure agreement with Andronico’s. According to CEO Bill Andronico, there might be a few more potential buyers.

Renovo Capital bought over $29 million of Andronico’s debts from previous owner JP Morgan and Bank of the West and is now offering $20 million to buy over all Andronico’s assets. Renovo has also pumped in money to help Andronico’s through the bankruptcy process. This cash injection will enable Andronico’s to meet its obligations to its vendors and put in required merchandise on its shelves to carry on business until the purchase of Andronico’s takes place.

Andronico’s hopes the buyout will result in enough funds to pay off creditors and vendors. According to bankruptcy papers, the grocery chain has between $10 million and $50 million in debts and about the same amount of assets.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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