GNC’s Bankruptcy Sale Timeline ‘Not Workable,’ Creditors Say (1)

Bankrupt GNC Holdings Inc.‘s proposed sale process doesn’t give enough time for potential purchasers to participate, unsecured creditors of the health and nutrition retailer said.

The short timelines are “simply not workable” considering that the company no longer has a stalking horse bidder to place the an initial floor-setting bid at the bankruptcy auction, the official committee of unsecured creditors said in an objection filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The sale motion proposes a bid deadline of Aug. 28, an auction Sept. 1, and a sale hearing Sept. 4.

GNC should market ...