Twinlab chapter 11 motions
This article was originally published in The Tan Sheet
Executive Summary
Approval of "first-day motions" by the U.S. Bankruptcy Court for southern N.Y. will allow Twinlab to "preserve its normal business operations...to the maximum extent possible," company announces Sept. 10. Court also approves motion for Twinlab to access up to $8.8 mil. of a $35 mil. debtor-in-possession facility financed by CIT Group. Funds will assist company in covering costs of operations during chapter 11 process. Twinlab announced plans to file for chapter 11 and sell its assets to IdeaSphere Sept. 4 (1"The Tan Sheet" Sept. 8, 2003, p. 14)...
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