Bankruptcy judge approves I.B.C.'s investment plan
October 22, 2008
by FoodBusinessNews.net Staff
KANSAS CITY — U.S. Bankruptcy Judge Jerry Venters today approved an investment agreement that would provide $600 million in loans and other capital to reorganize Interstate Bakeries Corp.
Under the plan, a group of lenders led by Silver Point Capital L.P. would loan I.B.C. $469 million once it gets out of bankruptcy, while a subsidiary of New York-based investment group Ripplewood Holdings would invest an additional $130 million.
Mr. Venters said he will hold a hearing Oct. 30 on whether to send I.B.C.’s reorganization plan to creditors for their approval. If accepted by enough creditors, the new plan may be voted on in early December, I.B.C. said.