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DALLAS -- Motions were filed Tuesday in Delaware court to terminate exclusivity of Fleming Inc. in its Chapter 11 proceedings, and to have the bankruptcy court consider the $315-million offer made by the CVCMA LLC group in Dallas to acquire Core-Mark International Inc., a distributor of consumer packaged goods and store supplies to the convenience retail industry. Fleming recently declined the all-cash offer and has filed a third amended plan of reorganization (POR) with the court.
The CVCMA group also moved to have the court give it a short period to complete an alternate POR and file new disclosure statements that would incorporate its offer.
"This gives the Fleming creditors more cash to divide up front and a better recovery in terms of the percent of outstanding debt Fleming owes that can be received by creditors," said Bill Fields, CVCMA CEO.
CVCMA filed a motion to terminate exclusivity of Fleming in the hearing, indicating that this more efficient, less disruptive approach will retain the key provisions of settlement agreements reached to date with reclamation, unsecured and other creditors.
The CVCMA LLC executive group is led by wholesale and retail industry veterans including Fields, former president and CEO of Wal-Mart Stores Division; Charles "Chuck" Jarvie, former senior executive of Procter & Gamble and a current partner at Beta Capital Group in Dallas; David W. Hill, an Austin, Texas-based investment banker and financial consultant; and Tony Copp of Dallas-based Copp Ventures LLC, a former executive at Hunt Oil Co.