I.B.C. gets go ahead to seek creditor approval
October 30, 2008
by Eric Schroeder
KANSAS CITY — U.S. Bankruptcy Judge Jerry Venters today approved a disclosure statement put forth by Interstate Bakeries Corp. that will allow the company to seek creditor approval of its reorganization plan and set the stage for the wholesale baker to emerge from bankruptcy protection. The reorganization plan will be mailed to creditors by Nov. 6 and must be voted on by Dec. 1. Mr. Venters has scheduled a confirmation hearing for Dec. 5, and if the plan is approved, attorneys for I.B.C. said the company would emerge from bankruptcy by Dec. 15. I.B.C., which filed for Chapter 11 bankruptcy protection in September 2004, is expected to receive a $130 million investment from Ripplewood Holdings and a financing package of $469 million from a group of lenders including Silver Point Capital LP. The company also plans to cancel all existing shares and take the company private.