American Laser's Auction Plan Draws Creditor Objection

Law360, New York (January 25, 2012, 10:28 PM EST) -- The official committee of unsecured creditors for hair removal chain American Laser Centers LLC objected Wednesday to a plan for the company to auction its assets, saying that a unit of private equity lender Versa Capital Management LLC had failed to provide an adequate wind-down budget.

In its limited objection, the committee took issue with an approved plan for stalking horse bidder Bellus ALC Investments 1 LLC to acquire the laser hair removal company with a $46 million credit bid, arguing that neither American Laser nor...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.