New CFO to lead new era at A&P
MONTVALE, N.J. — A&P has emerged from Chapter 11, and tasked with ensuring the company stays on sure financial footing is Raymond Silcock, who has been promoted to the role of CFO reporting to president and CEO Sam Martin. Silcock succeeds Frederic Brace, who is resigning from his roles as chief restructuring, financial and administrative officer in conjunction with A&P’s emergence from Chapter 11. Brace will continue to serve the company in an advisory capacity.
“I am delighted that Ray Silcock has agreed to assume the role of CFO, as we mark A&P’s emergence with a strong foundation for future performance,” said Martin. “Ray brings to A&P significant food industry experience as a CFO of both private and public companies. Since joining the company in December, Ray has worked alongside Jake and the entire finance team to complete our restructuring and put in place the right financial foundation to support our emergence as a private company.”
Silcock joined A&P in December 2011 as head of finance. Prior to joining A&P, he was executive-in-residence at Palm Ventures LLC, a private equity firm. Over the previous 15 years, he served as CFO of a number of public and privately held companies in the food and beverage industry, including UST Inc., Swift & Co. and Cott Corporation. Silcock began his career at Campbell Soup Company, where he served in a variety of financial roles of increasing responsibility over his 18-year tenure. He holds an MBA from the Wharton School of the University of Pennsylvania.
A&P announced Thursday that it emerged from Chapter 11 bankruptcy protection as a privately-held company. The United States Bankruptcy Court of the Southern District of New York confirmed the Company's Plan of Reorganization on Feb. 28.
As previously announced, Mount Kellett Capital Management LP, The Yucaipa Companies LLC and investment funds managed by Goldman Sachs Asset Management, L.P., have provided $490 million in debt and equity financing to sponsor A&P’s reorganization plan and complete its balance sheet restructuring. In addition, JP Morgan and Credit Suisse arranged a $645 million exit financing facility.
“In just over one year, we have completed a thorough restructuring of A&P’s cost structure and balance sheet to build a strong foundation for the company’s future,” said Martin. “With the full support of our financial partners, the new A&P is committed to delivering exceptional value and an enhanced in-store experience to all of our customers across our more than 300 neighborhood food and drug stores.”
A&P and its subsidiaries filed voluntary Chapter 11 petitions on December 12, 2010.