What a surprise ... The Groeb Farms prepackaged bankruptcy plan was approved by the court!
Judge Walter Shapero of the US Bankruptcy Court in Detroit gave his approval for the restructuring plan of Groeb Farms Inc, The Wall Street Journal reported. The decision will facilitate the Michigan-based honey supplier's emergence from Chapter 11 protection under the ownership of Peak Rock Capital, a private equity firm.Shapero gave the greenlight for the plan on Thursday, December 19 after a confirmation hearing. The decision will enable Texas-based Peak Rock Capital to gain control of the company after it would extend it a bankruptcy loan amounting to $30 million.
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Note that the Groeb Farms name has apparently been deemed irreversibly tainted by the criminal swindle scheme they used, and they are changing the name of the surviving company (to protect the guilty? ).
Peak Rock Capital will take control of the former Groeb Farms , now known as Natural American Foods Inc., after extending a $30 million loan to the company, which filed for bankruptcy protection after regulators caught it illegally buying Chinese honey through other countries to avoid antidumping tariffs....
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The "Natural" in the new name, Natural American Foods Inc., is a nice touch. No word on whether they have also changed their business ethics.