Caption: Bankruptcy judge OKs Sanders offerA $4.7 million offer to purchase the assets of Fred Sanders Co. and take out of Chapter 11 bankruptcy was approved Tuesday by Federal Bankruptcy Judge George Brody.If creditors approve the plan and if the company can reach compromises on certain major debts, the deal could become final on Aug. 12, the date set for final confirmation.Sanders, which has been in bankruptcy since February 1981, owes unsecured creditors - those without collateral - about $4 million. An investor group has offered to repay 10 cents on the dollar on debts over $1,000.Sanders' president, Filipp Kreissl, a stockholder in the purchasing company, Michigan Confections Inc., said an agreement has been made with the City of Highland Park to repay $400,000 of $880,000 in back taxes and interest owed.He also said Sanders is negotiating a repayment plan of $400,000 in taxes owed to the state.Highland Park, where Sanders' candy is made, and the company have reached an agreement over back taxes.Sanders, Fred ConfectionsSanders CandyFred Sanders Co.
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