|Over a week ago|
Three new option listings and five option delistings on July 2nd » 08:3007/0207/02/20
ACI, CVIA, GNC, IBKC, MINI
New option listings for…
New option listings for July 2nd include Albertsons Companies Inc (Class A Stock) (ACI), Covia Holdings Corp (CVIAQ), and GNC Holdings Inc (Class A Stock) (GNCIQ). Option delistings effective July 2nd include Covia Holdings (CVIA), GNC Holdings Inc (Class A Stock) (GNC), IBERIBANK Corporation (IBKC), Mobile Mini Inc (MINI), and Sanchez Energy Corporation (SNECQ).
GNC Holdings trading halted, news pending 07:0206/3006/30/20
NYSE to commence delisting proceedings against GNC Holdings » 11:2906/2406/24/20
The New York Stock…
The New York Stock Exchange announced that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of GNC Holdings - ticker symbol GNC - from the NYSE. NYSE Regulation reached its decision that the company is no longer suitable for listing after the company's June 23 disclosure that the company commenced voluntary Chapter 11 proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. In reaching its delisting determination, NYSE Regulation noted the uncertainty as to the ultimate effect of this process on the value of the company's common stock. The company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange, the NYSE stated.
GNC Holdings expects to accelerate the closure of at least 800-1,200 stores » 05:5506/2406/24/20
The company expects to…
The company expects to use the Chapter 11 process to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size GNC's corporate store portfolio, and strengthen its brands to protect the long-term sustainability of its business. Over the past year, GNC has been executing a store portfolio optimization strategy to close underperforming stores, while continuing to invest in omnichannel and brand strategies to better meet consumer demand. This process will enable GNC to accelerate these strategies, including its store portfolio optimization. GNC expects to accelerate the closure of at least 800 to 1,200 stores. This acceleration will allow GNC to invest in the appropriate areas to evolve for the future, better positioning the company to meet current and future consumer demand around the world. GNC remains committed to delivering wellness solutions to its consumers through easier and enhanced options to live well, from a strong product pipeline to an improved e-commerce experience. The company will be launching the option to buy-online-pick-up-in-store later this year and has a robust innovation pipeline of ingredients and products to bring to market over the next three years.
GNC Holdings files for Chapter 11 bankruptcy » 05:5306/2406/24/20
GNC Holdings announced…
GNC Holdings announced that the company, certain of its North American entities, certain of its secured lenders, and key stakeholders have reached an agreement to pursue a dual-path process that will allow the company to restructure its balance sheet and accelerate its business strategy through Chapter 11 of the U.S. Bankruptcy Code. GNC expects the Chapter 11 process will benefit its stakeholders and best position the company for long-term success. U.S. and international franchise partners and all corporate operations in Ireland are separate legal entities and are not a part of the filing. GNC and all of its subsidiaries remain open for business. Consumers will continue to have access to their favorite products, as well as new, innovative brand solutions to meet their wellness goals wherever GNC products are sold. GNC continues to serve consumers through its retail stores in many areas and is offering safe and convenient curbside pick-up at shopping plaza locations. The company also continues to provide solutions for its customers anytime at GNC.com. Importantly, the overwhelming support of the Company's creditors will enable GNC to emerge from this process expeditiously. GNC enters this dual-path process with a signed restructuring support agreement that is executed by more than 92% of Term Lenders and 87% of ABL FILO Lenders. The company and these Supporting Secured Lenders have reached an agreement on a pre-arranged standalone plan of reorganization. Additionally, the company, a significant majority of the Supporting Secured Lenders, and Harbin Pharmaceutical Group Holding Co., Ltd., an affiliate of GNC's largest shareholder, have also just reached an agreement in principle for the sale of the company's business. The term sheet documenting that agreement outlines a $760M purchase price for the sale transaction, which would be executed through a court-supervised auction process at which higher and better bids may be presented. The sale transaction is subject to mutually acceptable definitive documentation. In support of the proposed sale path, GNC has commenced a comprehensive marketing process for its business. If the sale transaction is timely consummated as outlined, it would be implemented instead of the standalone plan transaction. GNC's largest vendor and a joint venture partner, IVC, is working with the Company to ensure a continued supply of products to the company and advance the proposed sale of GNC's business. With the support of its lenders and key stakeholders, the company expects to confirm a standalone plan of reorganization or consummate a sale that will enable the business to exit from this process in the fall of this year. GNC has secured approximately $130M in additional liquidity through (i) a commitment from certain of its term lenders to provide $100M in "new money" debtor-in-possession financing and (ii) approximately $30M to come from certain modifications to the existing ABL credit agreement. The company is confident that between financing and cash flow from normal operations, and with the continued support of its largest vendor, GNC will meet its go-forward financial commitments as it works to achieve its financial objectives.
GNC Holdings trading halted, news pending 17:5406/2306/23/20
|Over a month ago|
GNC Holdings reaches agreement with lenders on debt extension » 17:0006/1206/12/20
GNC Holdings announced…
GNC Holdings announced that it has reached an agreement with required lender groups to extend the springing maturity dates for certain loans. As previously disclosed, GNC's Tranche B-2 term loan, FILO term loan and revolving credit facility feature springing maturities that, prior to today's amendments, could be accelerated from August 10, 2020 to June 15, 2020 if certain conditions are not satisfied. Due to COVID-19 related impacts on its business, the company expected it would not be able to satisfy certain of those conditions, which could result in the acceleration of the springing maturity date. As a result of discussions with its lenders, GNC entered into amendments to its loan agreements to extend from June 15, 2020 to June 30, 2020 the dates on which the respective springing maturity dates for the term loan facility, FILO credit facility and revolving credit facility may accelerate.
Largest borrow rate increases among liquid names » 08:4506/1006/10/20
CGC, GNC, SA, IVR, SRNE, M, PSTI, PAA, BHC
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Canopy Growth (CGC) 84.09% +1.72, GNC Holdings (GNC) 106.59% +1.37, Seabridge Gold (SA) 2.43% +0.98, Invesco Mortgage (IVR) 26.69% +0.49, Sorrento Therapeutics (SRNE) 14.69% +0.39, Macy's (M) 10.38% +0.39, Pluristem (PSTI) 48.20% +0.36, Plains All American (PAA) 0.77% +0.34, Bausch Health (BHC) 0.65% +0.32, and iShares Goldman Sachs Software Index Fund (IGV) 1.62% +0.30.
Largest borrow rate increases among liquid names » 08:4506/0506/05/20
GNC, CGC, MAC, FRO, MITT, OVV, ASHR, TZA, CRC, KL
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: GNC Holdings (GNC) 98.25% +4.34, Canopy Growth (CGC) 66.40% +1.43, Macerich (MAC) 2.71% +0.59, Frontline (FRO) 2.84% +0.53, AG Mortgage (MITT) 99.26% +0.49, Ovintiv (OVV) 3.63% +0.35, db X trackers China (ASHR) 16.39% +0.32, Direxion Daily Small Cap Bear 3X Shares (TZA) 5.80% +0.29, California Resources (CRC) 115.69% +0.23, and Kirkland Lake Gold (KL) 0.51% +0.21.
GNC Holdings says may need to file petition for relief under Chapter 11 » 07:3905/1105/11/20
GNC Holdings stated that…
GNC Holdings stated that the company has an accelerated maturity payment due on May 16, 2020 that it does not have the ability to pay. "Since the company has not refinanced the $738.7 million of Tranche B-2 Term Loan, FILO Term Loan and Revolving Credit Facility that will become due on the Springing Maturity Date, management has concluded there is substantial doubt regarding the company's ability to continue as a going concern within one year from the issuance date of the company's Consolidated Financial Statements. Failure to complete a refinancing or other restructuring, obtain an extension of the Springing Maturity Date as defined in the Credit Agreements, reach an agreement with required lender groups under the Credit Agreements prior to May 16, 2020 or to reach an agreement with the company's stakeholders on the terms of an out-of-court restructuring would have a material adverse effect on the company's liquidity, financial condition and results of operations and may result in filing a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in order to implement a restructuring plan."