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...
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