GNC's Bidding Procedures OK'd After Extending Sale Timeline

Law360 (July 22, 2020, 9:28 PM EDT) -- Bankrupt vitamin and supplement retailer GNC Holdings Inc. received court approval for its proposed Chapter 11 bidding procedures Wednesday after telling a Delaware judge that it has pushed back a deadline to seek approval of a stalking horse bid, extending the proposed sale process by one week.

During a hearing conducted virtually, debtor attorney Caroline A. Reckler of Latham & Watkins LLP said GNC will have until Aug. 3 to submit a stalking horse agreement and seek approval of bid protections for that baseline bidder. The change allayed concerns raised by unsecured creditors over the quick timeline originally proposed by the...

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