Del Monte Wins Approval of Disputed Bankruptcy Wind-Down Plan

Del Monte Foods Corp. won approval of a contentious bankruptcy plan to liquidate and wind down after the food distributor sold off most of its major assets.

Overruling objections by a minority group of lenders to the feasibility, creditor voting classification, and priority of claims, Judge Michael B. Kaplan said he would approve the plan at a hearing Monday in the US Bankruptcy Court for the District of New Jersey.

“The plan before the court is not perfect, but few Chapter 11 plans are,” Kaplan said. “But the bankruptcy code doesn’t require perfection.”

An attorney for minority lenders said after ...