Post by Logan on Jan 23, 2016 6:19:14 GMT -6
Albertsons has agreed to pay $5.75 million in cash to settle a lawsuit in which bankrupt grocer Haggen sought to recoup $1 billion from the supermarket giant.
The settlement was reached on Thursday, according to a document filed Friday with the Securities and Exchange Commission.
It requires approval by the federal bankruptcy judge overseeing the overhaul of Haggen’s much shrunken business. The money will go to pay Haggen’s creditors.
As part of the deal, Albertsons agrees to transfer its unsecured claim of $8.25 million to Haggen’s other creditors in the bankruptcy.
Continued at www.seattletimes.com/business/retail/albertsons-settles-haggens-1-billion-lawsuit-for-575-million/ .
The settlement was reached on Thursday, according to a document filed Friday with the Securities and Exchange Commission.
It requires approval by the federal bankruptcy judge overseeing the overhaul of Haggen’s much shrunken business. The money will go to pay Haggen’s creditors.
As part of the deal, Albertsons agrees to transfer its unsecured claim of $8.25 million to Haggen’s other creditors in the bankruptcy.
Continued at www.seattletimes.com/business/retail/albertsons-settles-haggens-1-billion-lawsuit-for-575-million/ .