GNC Revises Bankruptcy Plan With $770 Million Sale Agreement

GNC Holdings Inc. has revised its bankruptcy reorganization plan, reflecting China-based shareholder Harbin Pharmaceutical Group Holding Co.'s agreement to submit a $770 million stalking horse bid for its business.

The deal includes a $550 million cash payment, $210 million in second-lien loans, $10 million in convertible notes, and the assumption of other liabilities, the nutrition supplement retailer said in its court filings at the U.S. Bankruptcy Court for the District of Delaware.

Should Harbin’s bid receive court approval, it would be entitled to a $22.8 million termination fee and up to $3 million in expense reimbursements if GNC decided ...