10.01.03
Twinlab Corporation, Hauppauge, NY, has filed for bankruptcy under chapter 11 of the Federal Bankruptcy Code. The company remains in possession of its assets and properties, and continues to operate its businesses and manage its properties as a debtor-in-possession. The company has also entered into an asset purchase agreement with IdeaSphere, Inc., Grand Rapids, MI, pursuant to which the company and some of its subsidiaries will sell substantially all of their assets for a purchase price of $65 million in cash, the assumption of $3.7 million of employee and related liabilities of the company and the assumption of substantial amounts of the company’s executory contracts and un-expired leases. (For more information see Word From Wall Street on page 24.)
