Hauser restructuring
This article was originally published in The Tan Sheet
Executive Summary
Supplement supplier announces sale of Shuster Labs contract services division to Specialized Technology Resources for $7.7 mil. cash. Proceeds from the sale will help Hauser "pay down a substantial portion of its debt," firm says; Hauser was given until Aug. 31 to pay its Wells Fargo Bank loans (1"The Tan Sheet" July 8, 2002, p. 9)...
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El Segundo, Calif.-based supplement supplier files for bankruptcy with U.S. Bankruptcy Court for Central District of California April 1. Wholly-owned subsidiaries Botanicals International Extracts, ZetaPharm, Hauser Technical Services also file voluntary petitions, although Zuellig Botanicals, which does business as BI Nutraceuticals, "is not, and will not be a part of Hauser's bankruptcy filing," firm says. In September, Hauser sold Shuster Labs for $7.7 mil. to help pay down its debt (1"The Tan Sheet" Sept. 2, 2002, In Brief)...
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Supplement supplier "in discussions" to sell its Shuster Labs contract services division, which would generate funds to pay Wells Fargo Bank loans, "permit Hauser to obtain a new line of credit to finance operations," firm says July 1. Otherwise, Hauser may not be able to continue as a "going concern" due to "significant operating losses, existing deficit and lack of certainty as to a credit line," firm states. Company amended credit agreement with Wells on June 25 to provide for termination date of Aug. 31, 2002 instead of Aug. 31, 2003, in exchange for Wells agreeing to waive defaults under agreement. Hauser Q4 net revenue dipped 1.4% to $14.3 mil., with net loss of $1.5 mil., down from $23.1 mil. FY 2002 sales declined 13.6% to $57.6 mil., with $5.4 mil. net loss, compared to $33.3 mil. loss a year ago...
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