The unsecured creditors’ committee of GNC Holdings, Inc., a leading global specialty retailer of health and wellness products for 85 years, which at one point operated approximately 5,200 retail locations in approximately 50 countries, successfully negotiated a Plan of Reorganization in the U.S. Bankruptcy Court in the District of Delaware, including the sale of the GNC business as a going concern. Represented by Lowenstein Sandler, the consensual resolution with the Debtors, secured lenders, unsecured noteholders and the purchaser, resulted in significantly increased recovery for unsecured creditors, prompting the judge to refer to the hearing as a “love fest.” The Effective Date of the Plan is October 30, 2020. Led by partners Jeffrey Cohen and Michael S. Etkin, the Lowenstein team will continue to represent the Plan Administrator.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.