$GNC GNC Holdings (NYSE:GNC) files for Chapter 11 bankruptcy, with a commitment from certain term lenders to provide $100M in "new money" debtor-in-possession financing and $30M from modifications to the existing ABL credit agreement. Also, GNC reaches an agreement in principle with most of its supporting secured lenders and an affiliate to top shareholder Harbin Pharmaceutical for the sale of the business for $760M, which would be executed through a court-supervised auction process. GNC expects to accelerate the closure of 800-1,200 stores under the plan. All franchise partners as well as corporate entities outside North America are not included in the Chapter 11 process. This could either be a HTZ play or could just die out im not 100% yet
  • 1
1 Like