Tops Holding granted exclusivity extension to allow ‘rational’ talks

By Caroline Salls

Pittsburgh, June 22 – Tops Holding II Corp. secured an extension of its exclusive periods to file a plan of reorganization and solicit acceptances, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive periods were extended to Oct. 22 and Dec. 21, respectively.

In justifying its request for more time, Tops Holding said that it has already made “significant progress” on deleveraging, ensuring leases and supply agreements are on favorable terms and negotiating with its unions and pension funds.

Discussions with creditors have now begun, but additional time is needed to allow them to proceeds “in a rational and efficient manner,” according to the motion.

Tops is a Williamsville, N.Y., supermarket operator that filed bankruptcy on Feb. 21. The Chapter 11 case number is 18-22279.

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