Nellson Nutraceutical for Auction
Published August 21st, 2007
Bankrupt diet-foot maker Nellson Nutraceutical Inc. is headed for the auction block Wednesday, over protests of key creditors who say now is no time to sell the company.
Weakened credit markets mean Nellson will bring “a fire-sale price,” according to papers filed last week by an informal committee of first-lien lenders, whose members own about 45.7 percent of Nellson’s senior debt.
On Friday, U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Del., said he would hear the creditors’ complaints this Thursday when he reviews results of the bidding on Nellson.
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