Mi Pueblo, the faltering Hispanic grocery store chain, is one step closer to exiting bankruptcy after a judge on Wednesday confirmed the company's reorganization plan.
The decision came after attorneys for the 21-store, San Jose-based grocer reached repayment deals with the vast majority of its vendors, many of whom balked at terms originally proposed under the plan. Judge Arthur Weissbrodt rejected objections to the plan from remaining creditors at Wednesday's confirmation hearing in downtown San Jose.
Mi Pueblo expects to exit bankruptcy and operate normally after receiving financing from a New York-based private equity firm, Victory Park Capital Advisors LLC, which will own 50 percent of the reorganized company.
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