GNC Nixes Ch. 11 Auction To Go With $770M Harbin Deal

Law360 (September 14, 2020, 7:33 PM EDT) -- Vitamin and supplement retailer GNC Holdings Inc. canceled its planned Chapter 11 asset auction Monday, saying it hadn't received any qualifying bids to compete with a $770 million stalking horse offer made by Chinese firm Harbin Pharmaceutical Group Holding Co. Ltd.

In a filing informing the court of the development, GNC said the bid deadline came at 4 p.m. Friday and Harbin's baseline offer had not been challenged by any other prospective buyers.

"Harbin is a long-time and trusted partner of GNC, and we are excited to move forward with them in this process as we seek the court's approval of...

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