American Laser Receives Approval of Sale to Versa Affiliate
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.
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