CTI Foods, a custom foodservice manufacturer supplying the top U.S. restaurant chains and branded food companies, announced yesterday that the U.S. Bankruptcy Court for the District of Delaware has confirmed the company’s reorganization plan, according to a press release. The company expects to complete its restructuring and successfully emerge from chapter 11 in the coming weeks. Upon emergence, the company will reduce its debt by more than $400 million, providing significant financial flexibility to support continued investments on behalf of its customers. “We are pleased to have reached this important milestone in our expedited, pre-packaged restructuring process,” said Mike Buccheri, President and Chief Executive Officer of CTI.
