Gardenburger Wins OK for Reorganization Plan
Gardenburger Inc., a maker of meatless hamburgers and other food products, won a judge’s approval for its reorganization plan, paving the way for the company to exit bankruptcy protection this month.
Under the plan, Gardenburger stock will be canceled, the company will become private and unsecured creditors will be paid in three installments over 18 months, according to papers signed by U.S. Bankruptcy Judge James Barr in Santa Ana.
Irvine-based Gardenburger sought bankruptcy protection in October as more people chose low-carbohydrate diets and profit fell. The company reported $46 million in sales last year and a $9.45-million net loss.
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