October 07, 2020
Torys represented GNC as Canadian counsel in its Chapter 11 sale and CCAA recognition proceedings with a team that included Scott Bomhof, Adam Slavens, Emma Sako and Mike Noel (corporate/restructuring/M&A), Jeremy Opolsky and Leora Jackson (CCAA recognition proceedings), Tom Zverina and Nadine Rockman-Katz (lending), Mitch Frazer (employment), Richard Johnson and Patrick Reynaud (tax).
On October 7, 2020, GNC Holding Inc. (“GNC”) reported the closing of its previously disclosed agreement with Harbin Pharmaceutical Group Holding Co., Ltd. (“Harbin”) in which, pursuant to a stalking horse agreement, Harbin agreed to acquire substantially all of the assets of GNC and certain of its subsidiaries.
The closing was consummated through a series of transactions under a court-supervised sale process through which GNC and certain of its subsidiaries
Proceeds from the closing will be used to, among other things, pay off
GNC filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code on June 23, 2020, in addition to seeking recognition of the proceedings in Canada on June 24, 2020 under the Companies' Creditors Arrangement Act.
GNC Holdings is a leading global health and wellness brand that provides high quality science-based products and solutions.
Harbin Pharmaceutical develops and manufactures a variety of medicines, preparations, Chinese traditional medicines, healthcare products, and biopharmaceuticals.