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GNC’s Sale Attracts No Competitors For Harbin’s Bid; Chapter 11 Bankruptcy Auction Cancelled

 
• By Malcolm Spicer

Deadline passed for “other qualified bidders to submit higher or otherwise better offers to purchase” full ownership of GNC. Approving sale to Harbin Pharmaceuticals, already its largest shareholder, depends partly on approval by US bankruptcy court, where a hearing is set for 17 September.

Businessman reading documents with magnifying glass concept for analyzing a finance agreement or legal contract

GNC Holdings Inc. will ask a US court on 17 September to approve its sale to Chinese firm Harbin Pharmaceutical Group Holding Co. Ltd. after the dietary supplement manufacturer and retailer’s bankruptcy filing received no bids competing with Harbin’s nearly $760m proposal.

In a Securities and Exchange Commission filing on 14 September, GNC stated that its June Chapter 11 filing in US Bankruptcy Court for the District of Delaware set an 11...

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