A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
GNC Emerges from Chapter 11
- Client News
- October 7, 2020
Practices
Paul, Weiss represented an ad hoc group of FILO ("first-in, last-out") term loan lenders in the prearranged chapter 11 cases of GNC Holdings, Inc., a leading global specialty retailer of health and wellness products. GNC completed a $770 million sale of substantially all of its assets via a 363 asset sale to China-based Harbin Pharmaceutical Group Holding Co., Ltd., and was able to emerge from bankruptcy after just over four months.
The well-known U.S. health- and nutrition-products retailer filed its chapter 11 cases on June 23 after securing a restructuring support agreement supported by a majority of the company’s term loan lenders and ABL (asset-backed loan) FILO Lenders that contemplated a dual-track going-concern sale process and a standalone balance sheet restructuring. To finance the chapter 11 cases, GNC obtained both “new money” debtor-in-possession financing and certain modifications to its ABL credit agreement. The proceeds of the sale were used to, among other things, fully repay our clients’ claims.
The Paul, Weiss team included, among others, restructuring partners Andrew Rosenberg and Jake Adlerstein and counsel Diane Meyers; and tax partner Robert Holo.