GNC Creditors Say Ch. 11 Sale Process Moving Too Quickly

Law360 (July 17, 2020, 7:52 PM EDT) -- Holders of unsecured notes in the Chapter 11 case of vitamin and supplement retailer GNC Holdings Inc. objected Friday to the proposed bidding procedures submitted by the debtor, arguing that the procedures rush the sale process to the detriment of unsecured creditors.

In its objection, an ad hoc group holding about two-thirds of GNC's convertible senior notes said the procedures call for a sale timeline that would have a deal approved by the first week of September, but argued that the debtor doesn't provide any justification for such a rapid schedule. The group also took issue with provisions in the procedures...

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