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.