Lowenstein Sandler has been selected as counsel to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of GNC Holdings Inc. The Pittsburgh-based retailer of health and wellness products and several affiliates filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware with a restructuring support agreement supported by holders of more than 92 percent of the company’s tranche B-2 term loans and holders of more than 87 percent of the prepetition ABL FILO term loans. The Debtors have expressed an intention to pursue a dual-track going-concern sale process and standalone balance sheet restructuring, with a goal to exit Chapter 11 in the fall. GNC currently operates more than 4,800 retail locations throughout the United States and intends to use the Chapter 11 process to accelerate the closure of at least 800 to 1,200 stores. The Debtors report $1.4 billion in assets and $895 million in liabilities, according to GNC Holdings’ petition. The Lowenstein team includes Michael S. Etkin, Jeffrey Cohen, Michael Savetsky, Nicole Fulfree, Colleen M. Maker, and Lindsay H. Sklar.
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