GNC’s Deadline To Refinance Or Restructure Delayed Until August
Executive Summary
GNC had faced a springing maturity date of 16 May for payments to reduce its debt of more than $865m in convertible notes and other debts from credit facilities to less than $50m.
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Bankruptcy Filing Could Be GNC's Next Step
Payment is due on 16 May to reduce GNC's debt of more than $865m in convertible notes and other credit facilities to less than $50m. "Substantial doubt exists regarding our ability to reduce the" debt to less than $50m, says CFO Tricia Tolivar.