Albuquerque Journal (Albuquerque, NM)

Furrs Revamps Management.(Business)

Byline: Diane Velasco Journal Staff Writer

Creditors Can Challenge New Administration

Furrs Supermarkets Inc., currently in Chapter 11 bankruptcy reorganization, announced a management shake-up Monday that includes Thomas Dahlen's resignation as president, CEO and board chairman.

The changes including the promotion of Steven Mortensen to president and chief operating officer and naming George Golleher as board chairman were announced as "effective immediately."

But the unsecured creditors committee may challenge the new personnel and their compensation as well as Dahlen's severance package, says Bill Davis, attorney for the committee.

"The opinion of the unsecured creditors committee in that proposed shake-up will play prominently," he said. "There are sign-up bonuses, departure bonuses, retention bonuses and significant salaries. …

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