Bi-Lo files plan of reorganization, disclosure statement
GREENVILLE, S.C. Bi-Lo filed on Nov. 23 its bankruptcy-exit plan with the U.S. Bankruptcy Court for the district of South Carolina.
The plan includes a $350 million cash infusion funded by a $150 million equity investment and $200 million in term-loan financing. The supermarket chain, which operates 214 supermarkets in South Carolina, North Carolina, Georgia and Tennessee, said its plan did not include an acquisition by Food Lion, which said that it is “still interested” in making a stake in Bi-Lo’s operations.
“[Today] marks a significant milestone and an important next step in our restructuring efforts,” said Michael Byars, president and CEO, Bi-Lo. “The two plans submitted before the court create additional choice for Bi-Lo’s creditors and encourage competition that we expect will maximize the value of the estate for the benefit of the company and its stakeholders. Further, the competing plans demonstrate the significant interest in our company and are a testament to our strong operational performance over the past several months.”
In March, the company filed for Chapter 11 bankruptcy protection.
Diplomat Specialty Pharmacy expands to Southern California
SWARTZ CREEK, Mich. Diplomat Specialty Pharmacy last week announced the opening of its branch in San Bernardino, Calif.
Diplomat has six additional locations in Michigan, Ohio, Illinois and Florida.
“In January, our contracts with managed care organizations in California will potentially impact over 1 million people,” stated Atheer Kaddis, Diplomat’s VP managed care. “Our new San Bernardino location is an important resource for those patients. It will also provide our customers in the Western United States with best-in-class distribution and patient care services.”
“With new West Coast managed care contracts and expanded national programs we are thrilled to be adding a location in the greater Los Angeles area,” stated Phil Hagerman, president and CEO of Diplomat Specialty Pharmacy. “We also look forward to providing new jobs in southern California as we build out our facility to be a full service West Coast distribution center for Diplomat.”
Accu-Chek partners with Mylestone Health to enhance iPhone app, Web site
INDIANAPOLIS Roche Diabetes Care, the maker of the Accu-Chek line of blood glucose meters and insulin delivery systems, has partnered with Mylestone Health, the developer of Glucose Buddy and its related Web site, www.glucosebuddy.com, to enhance the capabilities of Roche’s iPhone app.
The new version of Glucose Buddy iPhone app and Web site now both include Accu-Chek Testing in Pairs, an easy-to-use tool that shows the before-and-after effects of meals, activities and other specific events on your blood glucose levels. It is designed for use when you want to focus on one thing in your daily eating habits or routine.
“We are so pleased to be joining forces with Mylestone Health to offer our Testing in Pairs tool as part of its already highly successful iPhone app Glucose Buddy,” said Roche VP marketing Dan Kane. “We believe with the addition of the new Accu-Chek Testing in Pairs tool, people with diabetes will feel empowered and motivated to make changes based on the simplicity of the tool and the ability to personalize the experience.
“We recognized Mylestone as a company that already has relationships with thousands of Glucose Buddy users on an innovative platform, and we have a useful tool to offer people with diabetes that can help them take the self-management of their condition a step or two further,” Kane added.