Daily Record Financial News &
Wednesday, March 28, 2018
Vol. 105, No. 093 • Two Sections
35¢ www.jaxdailyrecord.com
Winn-Dixie parent plans bankruptcy exit Jacksonville-based Southeastern Grocers projects $48 million net income in 2019. By Mark Basch Contributing Writer Southeastern Grocers LLC recorded a net loss of $139 million in 2017, but the supermarket operator expects to be immedi-
ately profitable after emerging from its prepackaged Chapter 11 bankruptcy case later this year. Jacksonville-based Southeastern Grocers, parent of WinnDixie and three other supermarket chains, filed its Chapter 11 bank-
ruptcy petitions Tuesday morning, less than two weeks after announcing most of its unsecured Hucker creditors agreed to the plan. The plan, filed in U.S. Bankruptcy Court for the District of Delaware, calls for unsecured
creditors to get 100 percent of the stock of the privately owned company in exchange for about $522 million in notes. Wells Fargo Bank is trustee for the notes, but court documents filed Tuesday do not say who the individual noteholders are who will be receiving stock. The stock will not be publicly traded when the company emerges from bankruptcy.
Affiliates of Lone Star Funds, which currently own Southeastern, will get a five-year warrant entitling them to buy 5 percent of the stock. Besides agreements with the noteholders, Southeastern also has a new agreement with C&S Wholesale Grocers Inc., which supplies 70 percent of its inventory. Bankruptcy
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Old Roosevelt Square Belk leaving the landscape
Photo by Scott Sailer
RLH Construction LLC works Tuesday to demolish the former Belk department store at 4535 Roosevelt Blvd. in the Roosevelt Square shopping center. The $300,000 demolition is part of a redevelopment that owner Dewberry Capital says is a total renovation. Stein Mart and Publix Super Markets are expected to remain as anchor tenants. Dewberry hasn’t announced plans for the cleared Belk site.
Utah-based Noah’s Event Venue planned for Southside Quarter Noah’s Event Venue, a nationwide company with more than 40 locations rented for weddings, meetings and other occasions, chose Southside Quarter for its entry into Northeast Florida. Noah’s, based in Lehi, Utah, also rents space for expos, semi-
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nars, training, family events and other opportunities to convene or celebrate. Event planners can bring in their chosen caterers, decorations and services. The city issued a Conditional Capacity Availability Statement for an 8,181-square-foot building planned on 7.68 acres at Village Crossing Drive for Noah’s Event Venue. Plans show Noah’s will use about 1.38 acres of the site. Southside Quarter is a Hines
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mixed-use project at southwest Butler Boulevard and Interstate 295. Apartments, single-family and townhomes and an office building are under development or announced. The property owner is listed as S-15 Land Holdings LLC, part of Houston-based Hines, and the civil engineer is Jacksonvillebased England-Thims & Miller Inc. Event-space rental pricing Mathis
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City is seeking upgrades for Downtown sports venues Nearly $2 million in projects include new digital sign, repairs. By David Cawton Staff Writer The city plans to spend almost $2 million for upgrades at three Downtown public sports facilities. The administration is asking City Council to transfer $1.945 million from the Sports Complex Capital Maintenance Subfund to
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pay for capital improvement projects at EverBank Field, Veterans Memorial Arena and the Baseball Grounds of Jacksonville. The mayor’s office introduced the legislation, 2018-220, at Tuesday’s council meeting. All three venues could receive updates to the audiovisual systems and seating repairs. The bulk of spending on the 13 projects identified in a legislative fact sheet, $1.225 million, is for EverBank Field. The stadium would receive Upgrades
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consecutive business days