GNC Wins Bankruptcy Court Approval for Sale to Chinese Sponsor
- Harbin Pharmaceutical was the only bidder that emerged
- Company now aims to complete restructuring by end of 2020
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GNC Holdings Inc. got legal permission to sell itself to Chinese sponsor Harbin Pharmaceutical in bankruptcy court despite recent resistance from U.S. political figures.
Bankruptcy Court Judge Karen Owens approved the health and wellness company’s plan to sell its assets to its largest shareholder and original bidder, Harbin Pharmaceutical Group Holding Co., for $770 million. The deal was also supported by GNC’s landlords and creditors, GNC’s lawyers from Latham & Watkins said at a virtual hearing Thursday.