Maines Paper’s 100-Year Run Ends With Liquidation Plan Approval

Bankrupt restaurant supplier Maines Paper & Food Service Inc. won court approval to shed its remaining assets and wind down its affairs, marking the final chapter for the century-old company.

Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware confirmed the company’s Chapter 11 liquidation plan Wednesday.

Unsecured creditors will get $2 million under the plan, and secured creditors will be repaid in full. Both groups voted “overwhelmingly” in favor of the plan, John C. DiDonato, Maines’ chief restructuring officer, said in a court declaration.

Equity holders, who were deemed to reject the plan ...