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2003/12/08, 10:03 PM
Monday, December 8, 2003 IPO Central Hoover's Books Home About Hoover's Subscription Options Help Log In Court approves orders for Twinlab sale to IdeaSphere.
November 12, 2003 5:01am
Asia Intelligence Wire
Twinlab Corp, Twin Laboratories Inc and Twin Laboratories (UK) Ltd (collectively Twinlab) announced that on 31 Oct 2003, the US Bankruptcy Court for the Southern District of New York entered the sale order approving the sale of substantially all of the assets of Twinlab to IdeaSphere Inc of Grand Rapids, MI. The company filed for bankruptcy protection on 4 Sep 2003, and the case is being jointly administered under Case No 03-15564. The Honorable Cornelius Blackshear approved the asset sale on 27 Oct 2003 pending the submission of a consensual sale order, which was submitted on 30 Oct 2003. The asset sale, which is expected to close in the coming weeks, remains subject to the satisfaction of standard and customary conditions of closing, including the receipt of regulatory approvals. In addition to their desire to maintain the company's employees, IdeaSphere is committed to the high quality, science-based philosophy that has been a hallmark of the Twinlab brand.
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