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Tops Markets files for bankruptcy protection

New York-based supermarket operator Tops Markets LLC on Feb. 21 filed for Chapter 11 bankruptcy protection as part of a financial restructuring strategy that it hopes will remove a substantial portion of debt from its balance sheet.

Tops said it has received a commitment for a $125 million debtor-in-possession term loan financing facility from certain noteholders and a $140 million DIP asset-based revolving loan from Bank of America NA, which are expected to support its current operations. It is also working with certain holders of more than 65% of its senior secured notes due 2022.

The company expects its stores to run as usual throughout the restructuring process.

Tops also filed a number of customary motions seeking court authorization to continue to support its business operations during the restructuring period. It expects to receive court approval for its requests.