Dean & DeLuca New York Inc. won court approval to reorganize in bankruptcy under a consensual plan that cuts the gourmet grocer’s debt by roughly $300 million.
Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York approved the Chapter 11 plan during a telephonic hearing Tuesday, capping the company’s nearly eight-month stint in bankruptcy.
Dean & DeLuca built consensus around its revised restructuring plan after the company and stakeholder groups reached a mediated settlement agreement. The plan establishes a nearly $8 million trust for priority and unsecured creditors, set to increase over the ...
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