Kings, Balducci’s Parent Gets Court Approval of Bankruptcy Plan

KB US Holdings Inc. won confirmation of its Chapter 11 plan that disburses the proceeds from its $96.4 million sale of grocery chains Balducci’s Food Lover’s Market and Kings Food Markets to creditors with secured or priority claims.

The plan, approved Monday by Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York, saves the jobs of some 3,000 “superhero” employees who “put their lives at risk” during the Covid-19 pandemic, KB’s attorney, Vincent Indelicato of Proskauer Rose LLP, said at a virtual hearing.

Unsecured creditors don’t get any distributions under the plan, ...