Ahold gets US accounts in on time
Troubled Dutch supermarket chain Ahold narrowly avoided the collapse of a rescue package by submitting the 2002 accounts for US subsidiary Stop & Shop to creditors just before an imposed deadline.
The company has been plagued by a series of accounting black holes, including an $880m deficit in the accounts of subsidiary US Foodservice.
Ahold reached an agreement with five banks in March that a $3.03bn credit facility would be provided. However one of the conditions was that the 2002 financial records for Stop & Shop must be submitted by June 30. The requested accounts were delivered on that day.