American Laser Cleared To Auction Assets In Ch. 11

Law360, Wilmington (January 10, 2012, 7:42 PM EST) -- A Delaware bankruptcy judge on Tuesday approved American Laser LLC’s plan to auction its assets, paving the way for private equity lender Versa Capital Management LLP to acquire the laser hair removal company with a $46 million credit bid.

U.S. Bankruptcy Judge Mary F. Walrath signed off on bidding procedures for an auction to be held Jan. 30, despite objections from the official committee of unsecured creditors and the U.S. trustee. The judge also gave final approval at the hearing to a $59 million debtor-in-possession loan,...
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