Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

American Laser Centers Wins Approval of Sale to Versa Unit

Jan. 31 (Bloomberg) -- American Laser Centers LLC, a provider of hair-removal, cellulite-reduction and skincare services at 156 clinics in 27 U.S. states, won court approval to sell virtually all its assets to an affiliate of Versa Capital Management.

U.S. Bankruptcy Judge Mary F. Walrath approved the sale at a hearing today in Wilmington, Delaware, court records show.

Versa, a Philadelphia-based private-equity firm, will buy the company through affiliate Bellus ALC Investments 1 LLC, which provided American Laser with $59.8 million in financing to help support operations during bankruptcy, according to court documents.

To buy the assets, Bellus will use about $30 million in debt forgiveness and the new capital left over from the bankruptcy financing after paying off lenders owed about $40.3 million.

The closely held company, based in Farmington Hills, Michigan, listed assets of $80.4 million and unsecured debt of $105 million in court papers filed last month in U.S. Bankruptcy Court in Wilmington.

Chief Financial Officer Andrew Orr blamed the bankruptcy on the slumping economy, saying in court papers that it “had a severe negative impact on the overall demand for aesthetic procedures.”

The case is In re ALC Holdings LLC, 11-13853, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Michael Bathon in Wilmington, Delaware, at mbathon@bloomberg.net.

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.