Metabolife bankruptcy
This article was originally published in The Tan Sheet
Executive Summary
Weight-control supplement firm Metabolife filed for Chapter 11 bankruptcy in San Diego federal court July 1, citing the "substantial burden" of ephedra litigation. The company simultaneously announced the "potential sale" of its assets, free of liabilities for $23.5 mil. to Grand Rapids, Mich.-based IdeaSphere. However, Metabolife will hold an auction, proposed for September 2005, and has retained a financial advisor "to promote the auction opportunity and solicit overbidding." Proceeds are "anticipated" to be used to satisfy creditors and resolve pending litigation. IdeaSphere purchased the bankrupt Twinlab in 2003 (1"The Tan Sheet" Sept. 8, 2003, p. 14)...
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