ID NEWS: Nash Finch gets bank extension, as it resolves accounting issues

Nash Finch Co., Edina, MN, has indicated that bankers have agreed to let the wholesale-grocer, which also does some foodservice business, file audited 2002 financial statements June 15. This is almost three months late.

To earn the extension, the $4-billion, multi-branch company will have to pay one-half of one percent of revolving loan commitments and aggregate outstanding term loans.

The delayed filing is the result of accounting problems involving certain supplier charges, an issue that has attracted greater scrutiny because of highly publicized difficulties at U.S. Foodservice, Columbia, MD.

To address its own issue, Nash Finch hired a new accountant, Ernst & Young, to audit its 2002 financial statements. Former auditor Deloitte & Touche resigned at the end of January. The wholesale-grocer subsequently said it received a "favorable response" to its accounting practices from the Securities and Exchange Commission (SEC).


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