JACKSONVILLE, Fla., Nov. 21 (UPI) -- Winn-Dixie Stores Inc., a large grocery store chain in the southeastern United States, Tuesday emerged from bankruptcy.
The company, which filed for bankruptcy in February 2005, said it has a $725 million credit line with a consortium led by Wachovia Bank. Winn-Dixie said it expects to emerge with only a "minimal amount" of long-term debt on its balance sheet.
Since filing for Chapter 11 protection, the company has sold numerous stores and reduced its debt as well as boosting sales and cutting expenses, said Peter Lynch, Winn-Dixie's chief executive.
The company operates stores in stores in Alabama, Florida, Georgia, Louisiana and Mississippi.