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Rexall Sundown

This article was originally published in The Tan Sheet

Executive Summary

Completes acquisition of the Verona, Penn. manufacturing facility of Pennex Products, Rexall said Sept. 30 ("The Tan Sheet" Sept. 27, p. 11). Rexall will apparently keep the Pennex name; the firm has created a wholly owned subsidiary called Pennex Labs. Terms of the purchase were approved by U.S. Bankruptcy Court and include cash payments of $ 3 mil., the "assumption of certain liabilities approximating $ 275,000 and the assumption of debtor in possession financing provided" by Rexall. Rexall announced its intention to purchase Pennex on the day the company filed a Chapter 11 petition in U.S. Bankruptcy Court ("The Tan Sheet" Aug. 16, p. 19). Rexall said it expects Pennex to "return to profitability within 12 months".
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