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- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019
GNC Emerges from Chapter 11
- Client News
- October 7, 2020
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.