Big Island grocer reorganizing

Advertiser Staff and News Services

Big Island grocery store chain Sure Save Super Market said it has started the process of paying back creditors as part of a bankruptcy reorganization plan approved by U.S. Bankruptcy Judge Lloyd King.

"The company is in the process of selling all of its real property to begin paying back outstanding debt to creditors over a 12-year period," Carl Okuyama, chairman and chief executive of Sure Save, said in a statement.

Real estate sales include the sale of the company's new distribution center in Shipman Business Park to Aloha Hawaii Enterprises, Wiki-Wiki Mart on K?wili Street to Seven-Eleven, and Wiki-Wiki Mart at Kea'au Shopping Center to Bay Clinic.

"The sale of these properties and the returning the operations back to profitability are important milestones, which demonstrated to the court and creditors the company has a future," Okuyama said.

Voting by creditors on the moves is expected to be completed by July 18. A confirmation hearing is set in U.S. Bankruptcy Court for Aug. 6. If the plan is confirmed, Sure Save could emerge from bankruptcy by mid-August. Sure Save filed for Chapter 11 bankruptcy protection in June 2000.