Executives at Pro's Ranch Market have put together a bankruptcy exit plan for the struggling grocery chain, promising to repay some of the company's debts using future profits from its 11 locations across the Southwest, Dow Jones Newswires reported yesterday. Pro's Ranch Market officials said in court filings that they will either look for a new loan or rely on money from Provenzano family members who own the chain, which caters to Hispanic shoppers by selling imported food products from Mexico and Central America. That money, along with future store profits, would help pay off the company's suppliers and other unsecured creditors who are owed at least $19 million. Under the plan, the company would repay its biggest debt—a $48 million loan handled by Bank of America—an unspecified "discounted" amount within six months of its exit from bankruptcy protection. If the bank votes to reject the plan, it will get between $8 million and $10 million over a 10-year period.
