American Laser Centers has received approval from U.S. Bankruptcy Judge Mary F. Walrath in the U.S. Bankruptcy Court in the District of Delaware to sell its assets to a Versa Capital Management affiliate, a Bloomberg article reported.
Versa’s affiliate, Bellus ALC Investments 1, will purchase American Laser. Previously, Bellus provided the company with $59.8 million to support its operations during American Laser’s Chapter 11 process, the article said.
In the asset purchase, Bellus will use $30 million in debt forgiveness and the leftover new capital from American Laser’s bankruptcy financing, after lenders are paid off $40.3 million, Bloomberg said.
American Laser Centers is a provider of hair removal, cellulite-reduction and skincare services.
To read the Bloomberg article in its entirety, click here.
Previously on abfjournal.com:
Versa Capital to Acquire American Laser Centers, Thursday, December 08, 2011