POLITICS

Creditors vote in favour of plan for assets of N.B. farmer jailed in Lebanon

01/20/2012 03:44 EST | Updated 03/21/2012 05:12 EDT
FREDERICTON - Creditors who are owed more than $11 million from companies owned by a New Brunswick farmer jailed in Lebanon have voted in favour of a plan to reorganize the companies.

Henk Tepper's lawyer says the plan would consolidate most of his client's assets into one company and sell about 300 hectares of cultivated land.

Bob Creamer says all of the secured and unsecured creditors voted in favour of the restructuring plan during a meeting Friday in Grand Falls.

Tepper has been jailed in Beirut since March of last year on allegations that potatoes he exported to Algeria in 2007 were rotten and that he forged trade documents.

The companies have been under creditor protection since last June.

The reorganization plan still has to be approved by a judge at a hearing scheduled for Jan. 30 in Edmundston.