GNC Gets Ch. 11 Plan Confirmed After $780M Stores Sale

Law360 (October 14, 2020, 7:41 PM EDT) -- Health supplement and vitamin retailer GNC received approval Wednesday in Delaware bankruptcy court for its Chapter 11 plan centered on disbursing the proceeds of a $780 million sale of 1,400 of its stores.

During a virtual confirmation hearing, GNC attorney Richard A. Levy of Latham & Watkins LLP said the plan enjoyed the overwhelming support of impaired creditors and was being presented on a nearly consensual basis with just a single objection outstanding at the start of the hearing.

Levy said that 100% of term loan lenders, who were owed $441 million, had voted in favor of the plan while more...

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