Gaspari Nutrition Inc., a developer of sports nutrition supplements founded by bodybuilder Rich “The Dragon Slayer” Gaspari, got court approval of its liquidating Chapter 11 plan (In re GNI Liquidating Corp., Bankr. D.N.J., 14-30963, plan confirmed 8/10/15).
A bankruptcy judge in Trenton, N.J., signed the confirmation order on Aug. 11.
Secured debt having been paid when the business was sold, only unsecured creditors remained to vote on the plan. The explanatory disclosure statement predicted that the class would recover about 15 percent on claims estimated at some $14 million.
An affiliate of Allegro Ltd. bought the business, ...
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