American Laser Skincare Reaches Ch. 7 Financing Deal
Law360, New York (January 14, 2015, 5:58 PM EST) -- Private equity-owned medi-spa operator American Laser Skincare LLC has reached a deal with creditors owed more than $125 million in Delaware bankruptcy court on Tuesday that calls for the lenders to fund the Chapter 7 liquidation process.
In Tuesday’s stipulation, the lenders agreed to put forth a total of $250,000 in two payments to fund the administrative costs of the bankruptcy, while the debtor’s trustee acknowledged that the company owes those lenders $124.1 million without defense, deduction or offset.
“Desirous of maximizing value for both the lender parties and the trustee’s constituency, the debtors’ unsecured creditors (including the lender parties), the...
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