CTI Foods, a custom foodservice manufacturer supplying U.S. restaurant chains and branded food companies, confirmed its plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware. 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 CEO of CTI. “On behalf of the entire CTI team, I want to express our gratitude to our customers, vendors, lenders and equity sponsors for their continued support over the past several months. We remain committed to providing customers the custom food and culinary solutions they expect from CTI, and look forward to soon emerging from this process with increased financial flexibility and positioned for long-term growth.”

According to filings with the court, Barclays will serve as administrative agent for a superpriority debtor-in-possession asset-based revolving credit facility in an aggregate principal amount of up to $80 million and a superpriority DIP term loan credit facility in an aggregate principal amount of up to $75 million.

Barclays and Wells Fargo are co-lenders for the DIP facility.

Weil, Gotshal & Manges is serving as legal advisor, Centerview Partners is serving as financial advisor and AlixPartners is serving as restructuring advisor to CTI.

Davis Polk & Wardwell is serving as legal advisor, and Evercore Group is serving as financial advisor to the ad hoc group.

CTI Foods is a culinary-driven company that offers a diverse range of custom food solutions to the foodservice and restaurant industries, including raw and pre-cooked protein, soups and sauces and dehydrated beans.