Leiner Health Products bid procedures approved for sale of substantially all assets

By Caroline Salls

Pittsburgh, April 10 - Leiner Health Products Inc. obtained court approval of the bidding procedures for the proposed sale of substantially all of its assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

A group of senior lenders under the company's $290 million senior secured facility will be entitled to credit bid for the assets.

Bidding at auction will begin with the highest qualifying bid received, and initial overbids must be for at least $500,000 more than the starting bid. Subsequent bids must also be for at least $500,000 more than the previous bid.

The auction will be held June 9, and the sale hearing is scheduled for June 11.

Leiner is a Carson, Calif.-based manufacturer of store-brand vitamins, minerals and nutritional supplements. The company filed for bankruptcy on March 10. Its Chapter 11 case number is 08-10446.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.