Fairway Group Holdings Corp., the parent company of Fairway Market, announced that its reorganization plan received a green light from lenders, allowing the grocer to reduce its debt and emerge from bankruptcy with $50 million in cash, the Commercial Observer reported yesterday. The plan was unanimously accepted by 100 percent of voting secured lenders, and sanctioned by Judge Michael E. Wiles. Fairway is expected to emerge from bankruptcy during the week of June 20 with approximately $50 million, as well as a $140 million reduction in debt and a lowering of its annual debt service obligations by up to $8 million. The supermarket filed for chapter 11 protection at the beginning of May.
