DJ CTI Foods Says Reorganization Plan Gets Court Approval

By Stephen Nakrosis

CTI Foods said Thursday the U.S. Bankruptcy Court for the District of Delaware confirmed its plan of reorganization.

The company said it anticipated emerging from chapter 11 in the coming weeks.

As reported earlier, the plan would see Goldman Sachs & Co. (GS) and Thomas H. Lee Partners give over nearly full control of CTI to its first-lien lenders. The plan would result in $406 million of debt being taken off the company's books.

CTI is a supplier to the food-service and restaurant industries.

CTI said it was operating as usual, and that its facilities and distribution centers remain open and are fulfilling orders.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

April 18, 2019 17:34 ET (21:34 GMT)

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