Fresh & Easy Neighborhood Market Inc., the former U.S. grocery chain, won court approval of its plan to exit bankruptcy by paying creditors in full, except for owner Tesco Plc., Bloomberg News reported yesterday. The company, now known as Old FENM Inc. after selling most of its assets to an affiliate of billionaire Ron Burkle’s Yucaipa Cos., obtained approval from Bankruptcy Judge Kevin J. Carey after resolving objections before yesterday’s bankruptcy court hearing. Tesco “voluntarily agreed to subordinate its claims to all other creditors” in exchange for releases from lawsuits and any value left over after all other claims are fully paid, Timothy W. Hoffmann, a lawyer for Fresh & Easy, said at the hearing.
