GNC’s Bankruptcy Targets Sale To Harbin Pharma, With Reorganization Also An Option
Chapter 11 bankruptcy protection filing positions largest shareholder Harbin Pharmaceutical to acquire full ownership for $760m. But petition also gives it an option of reorganizing with $525m financing if a sale is not completed within 141 days.
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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.
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.
Health, Beauty And Wellness News: Vitamin Shoppe Trims Loss, GNC Closes Hayao Pact, AlchemLife In US
Puriton Eye Relief Drops recalled; Alchem International adds US to distribution; Vitamin Shoppe CEO: 'expeditiously turn business around'; GNC closes Hayao investment deal.