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MOUNTVILLE, Pa. -- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania confirmed the Chapter 11 plan of reorganization submitted by Cooper-Booth Wholesale Co. (CBW). This approval paves the way for CBW, one of the top 15 largest convenience store distributors in the United States, to emerge from Chapter 11.
According to the Mountville-based company, it is "now moving diligently to close on its new financing to implement the plan as soon as possible." CBW's management team expects the plan to go into effect in June.
"Confirmation of the plan will allow Cooper-Booth Wholesale to resume its position as a leader in the convenience product distribution industry. Cooper-Booth Wholesale will continue to grow its business through strong relationships with its customers, suppliers and dedicated staff," the company said in a statement.
CBW filed for bankruptcy protection in May 2013. At the time, President Barry Margolis said a major customer had been accused of smuggling cheap illegal cigarettes, leading federal authorities to get a seizure warrant on Cooper-Booth's PNC Bank account to recover money that the customer had recently paid. Margolis did not identify the customer in court papers, as CSNews Online previously reported.
Court papers detailed CBW owed about $10.7 million in bank and credit-card debt, in addition to about $22.8 million worth of trade debt. Bank officials who saw the seizure warrant declared CBW to be in default of its borrowing agreements.