Bashas' prelim Chapter 11 plan would pay $300M debt

Posted: Updated:

PHOENIX -- A troubled Arizona grocery-store chain has put together a  preliminary Chapter 11 reorganization plan that would pay off a $300 million debt.

While Bashas' plan has receive support from some lenders, key lenders are not in favor of it. That could mean a battle down the road.

Under the proposal, the Bashas family would still own and operate the 120-store chain.

If the plan is approved, creditors holding priority claims would be paid in early April. Others would have to wait as long as 10 years to get their money.