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In Brief: Cybergenics

This article was originally published in The Tan Sheet

Executive Summary

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)...

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