Consequently, the financing resulted in the formation of a reorganized and restructured company called Lee Food Service, Inc., and serves as the capstone to Chapter 11 proceedings for the 135-year old regional food distributor, Robert S. Donaldson, president and ceo, said.
Additionally, the document signing triggered two other landmarks for the company, the management detailed. First, $2 million in capital was infused from investors Donald Devorris, chairman of the board of the Blair Companies, Inc.; Stephen Sheetz, chairman of the board of Sheetz, Inc.; and, three Lee Food Service leadership team members: Mark Koschny, Sr., vice president of sales, purchasing & marketing; and, Hugh Reilly, Sr., vice president and cfo; and Donaldson. Second, there was an immediate disbursement of cash to creditors who were a part of the Chapter 11 proceedings.
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