A bankruptcy judge approved Michigan honey supplier Groeb Farms Inc.’s restructuring plan, paving the way for the company to emerge from chapter 11 protection under the ownership of a private equity firm, the Wall Street Journal reported on Saturday. Bankruptcy Judge Walter Shapero signed off on the plan on Thursday following a confirmation hearing. Texas investment firm Peak Rock Capital will take control of Groeb Farms after extending a $30 million bankruptcy loan to the 76-worker company, which filed for bankruptcy protection after regulators caught it illegally buying Chinese honey through other countries to avoid antidumping tariffs.
