Leiner Chapter 11 Plan To Include New Capital, Credit, Debt Restructuring
This article was originally published in The Tan Sheet
Leiner Health Products will use a tentative $20 mil. equity investment to support ongoing operations as it prepares to seek Chapter 11 protection in early 2002, the company stated
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Former Weider CFO & Chief Operating Officer Robert Reynolds to replace David Coles, who took over as interim CFO in September, private labeler says Jan. 28. Coles works with Alvarez & Marsal, a turnaround specialist firm, and will continue to oversee Leiner's restructuring, slated for completion in approximately two-and-a-half months. Reynolds was with Weider from 1990-1999 and most recently was CEO of Luxul Corp., a wireless broadband communications company he co-founded. Leiner also says it has begun soliciting approval from senior bank lenders and bondholders for its Chapter 11 restructuring package (1"The Tan Sheet" Nov. 12, 2001, p. 11)...