Bankruptcy Law News

GNC Faces Bankruptcy If It Can’t Rework Debt By End of Week (1)

May 11, 2020, 4:28 PM

GNC Holdings Inc. has hundreds of millions of dollars of debt payments due on Saturday that it can’t pay, and unless lenders give it more time, the vitamin company said it could be forced to file for bankruptcy protection.

The company has been struggling to manage its debt load for years, and in its latest round of difficulties, time may be running out. GNC has about $155 million of convertible notes due in August, and if it can’t pay down most of that by May 16, then it faces a huge penalty: It has to pay back around another $680...

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