Almost two years after Flying Star filed for bankruptcy protection, its owners have earned creditor approval to move the company forward, the Albuquerque (N.M.) Journal reported on Saturday. Jean and Mark Bernstein still need a bankruptcy judge’s order to execute their reorganization plan, but it received a critical endorsement from creditors in a recent vote. Every class of creditors in the Chapter 11 case either actively voted to approve the plan or was deemed to have accepted by not casting ballots, according to a tally report the Bernsteins filed in court this week. Confirmation will allow the Bernsteins to initiate their plan to keep control of the company by buying all Flying Star equity at auction for at least $2.8 million. There was a creditor-backed plan to sell the company to Southwest Brands, which owns Garduño’s and Keva Juice. But the creditors committee recently withdrew that plan after negotiations that led the Bernsteins to dramatically increase their own bid.
