Vitamin World Cleared For Ch. 11 Auction With $28M Floor
Law360, Wilmington (December 8, 2017, 6:34 PM EST) -- A Delaware bankruptcy judge gave Vitamin World Inc.’s auction the nod Friday after a last-minute change that brought in a new stalking horse bidder and upped the floor price to $28 million, staving off previous fears the chain would have to liquidate all of its roughly 300 locations.
During a hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey welcomed the auction plan that has Valuable Hero Ltd., a unit of privately held Chinese milk and soymilk company Feihe International, placing a $28 million stalking horse bid, which is $2 million higher than an earlier proposed bottom offer from Latium Enterprises....
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