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Twinlab Corp. announced that the United States Bankruptcy Court for the
Southern District of New York has granted "first-day motions" submitted in
conjunction with the company's Sep. 4, 2003 filing of voluntary cases under
chapter 11 of the Federal Bankruptcy Code. The company announced that it has
entered into an asset purchase agreement with IdeaSphere Inc. pursuant to
which the company will sell substantially all of its assets. The sale is
being conducted pursuant to section 363 of the Federal Bankruptcy Code. The
company also announced that it has obtained interim approval from the
Bankruptcy Court to access up to $8.8 million of a new $35-million
debtor-in-possession financing facility provided by The CIT Group/Business
Credit Inc., as agent for a lender group. Funds from this facility will now
be available to the company, along with its cash flow from operations, to
help fund its operations during the chapter 11 process. A final hearing to
allow use of the full $35 million debtor-in possession facility is scheduled
for Sep. 25, 2003.
Twinlab Corp. announced that the United States Bankruptcy Court for the
Southern District of New York has granted "first-day motions" submitted in
conjunction with the company's Sep. 4, 2003 filing of voluntary cases under
chapter 11 of the Federal Bankruptcy Code. The company announced that it has
entered into an asset purchase agreement with IdeaSphere Inc. pursuant to
which the company will sell substantially all of its assets. The sale is
being conducted pursuant to section 363 of the Federal Bankruptcy Code. The
company also announced that it has obtained interim approval from the
Bankruptcy Court to access up to $8.8 million of a new $35-million
debtor-in-possession financing facility provided by The CIT Group/Business
Credit Inc., as agent for a lender group. Funds from this facility will now
be available to the company, along with its cash flow from operations, to
help fund its operations during the chapter 11 process. A final hearing to
allow use of the full $35 million debtor-in possession facility is scheduled
for Sep. 25, 2003.
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