In Brief: Cybergenics
This article was originally published in The Tan Sheet
Cybergenics: Lakewood, N.J.-based weight loss and body building supplement firm files for Chapter 11 protection with U.S. bankruptcy court on Aug. 19. A prospective buyer is offering $2.5 mil. for the firm, Cybergenics says; auction sale will be held Sept. 30. Cybergenics' largest creditor is KSL Media, which is owed nearly $4.3 mil. Its other top creditors include: Ryan Drossman & Partners ($810,707), Phoenix Labs ($603,003) and Garden State Nutritionals ($441,376). As of June 30, Cybergenics' total assets were $82.9 mil. and its total liabilities were $91.7 mil., with unliquidated secured debt of $75.7 mil. and unliquidated unsecured debt of $10.1 mil. The firm had to pay $1.45 mil. in a 1994 FTC settlement over "false and unsubstantiated" product claims ("The Tan Sheet" July 25, 1994, p. 14)...
You may also be interested in...
Perrigo promotes in pricing, planning
Combe sells most of its OTC brands
Finalization of a settlement between the Federal Trade Commission and Rexall Sundown regarding unsupported cellulite treatment claims for the firm's Cellasene dietary supplement hinges upon approval of two related class action settlements pending in California and Florida, according to FTC