GNC’s Deadline To Refinance Or Restructure Delayed Until August
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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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.
Recent US consumer health and beauty product recalls also include three shades of lip moisturizer with sunscreen, made by Pfizer and marketed by GSK due to a packaging problem. A Florida firm recalled one lot of a CBD oil tincture after a state agency’s test found high lead levels.
FTC nearly doubles its total of warnings on false and misleading COVID-19 claims for consumer health products with 50 announced on 21 May. WHO reported the same day that the largest number of COVID-19 cases, more than 106,000, were recorded in any 24-hour period during the pandemic.