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Latham & Watkins Advises GNC in Dual-Path Process to Restructure Balance Sheet and Accelerate Business Strategy

June 24, 2020
A multidisciplinary deal team led by partners in the firm’s Restructuring & Special Situations Practice is advising the global health and wellness brand.

GNC Holdings, Inc. (NYSE: GNC) (the Company), a leading global health and wellness brand, has 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.

Latham & Watkins LLP represents GNC in the process with a team led by restructuring partners Richard Levy and Caroline Reckler in Chicago and counsel Andrew Ambruoso in New York, with associates Jeffery Mispagel, Brett Newman, Asif Attarwala, Jonathan Weichselbaum, Jonathan Gordon, Lauren Sun, Julia Waterhous, and MacLane Taggart, and restructuring attorney Alicia Davis. Advice was also provided on finance matters by New York partner Michele Penzer and New York counsel Jonathan Wry, with associates Alex Harris and Louis Quagliato; on corporate matters by New York partners Marc Jaffe and Erika Weinberg, Chicago partners Bradley Faris and Jason Morelli, and New York counsel Jason Ewart, with associates Owen Alexander, Samir Patel, Simon Cooke, Laura Harper, Henna Jalal, and Daniel Grill; on real estate matters by Chicago partner Robert Buday, with associates Sarah Barr and Katherine Friedli; on tax matters by Chicago partner Joseph Kronsnoble, with associate Chris Ohlgart; on benefits and compensation matters by Chicago partner Robin Struve; and on CFIUS matters by Washington, D.C. partner Steven Croley.