Groeb Farms plan unanimously accepted by three of four voting classes

By Caroline Salls

Pittsburgh, Dec. 19 - Groeb Farms, Inc.'s plan of reorganization was accepted by a majority of voting creditors, including unanimous acceptance by three of four voting classes, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan.

Specifically, the plan was accepted by the one holder of $16.57 million of senior loan claims, all four holders of $8.72 million of senior subordinated note claims and all 18 holders of $201.85 million of "other" general unsecured claims.

In addition, 31 holders, or 86.11% in number, of $8.9 million, or 98.94% in amount, of trade claims voted to accept the plan, while five holders, or 13.89% in number, of $95,362, or 1.06% in amount, of these claims voted to reject it.

Groeb Farms, an Onsted, Mich.-based processor and packager of honey for food manufacturers, food service companies and retail customers, filed bankruptcy on Oct. 1. The Chapter 11 case number is 13-58200.

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