P.M. BRIEFING : 7-Eleven Files Restructure Plan
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DALLAS — Southland Corp., owner of the 7-Eleven convenience store chain, has revealed details of a proposed restructuring it hopes will enable the company to avoid bankruptcy court.
In a filing Monday with the Securities and Exchange Commission, the company proposed swapping one share of common stock for 10 shares of new stock issued to current bondholders through the restructuring.
“We feel that would be a key point to the bondholders, who would like to see some liquidity in the shares they receive,” Southland spokeswoman Cecilia Norwood said.
Southland has been staggering under debt accumulated in a $4.9-billion leveraged buyout and increased competition in the convenience store business.
The company already has missed $69 million in interest payments and could be forced into bankruptcy on July 15.
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