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GNC Holdings, Inc. et al - Status Updates

June 29, 2020

On June 29, 2020, GNC Holdings, Inc. was appointed as the Foreign Representative of the Debtors and the Chapter 11 Proceedings were recognized as foreign main proceedings under Part IV of the CCAA. The Initial Recognition Order, the Supplemental Order, and the Consulting Agreement Approval Order were granted.
The motions for final orders and additional relief (including three U.S. omnibus lease rejection orders in the Chapter 11 Proceedings) are scheduled to be heard by the U.S. Court on July 22, 2020 (the "July 22 U.S. Hearing"). The Debtors have scheduled a return date in the Canadian Court on July 27, 2020 to seek orders for additional relief arising from the July 22 U.S. Hearing.

June 28, 2020

FTI Canada released its Pre-Filing Report as the Proposed Information Officer for the purposes of, inter alia, informing the Canadian Court on the following:
(a) An overview of the Chapter 11 Debtors' restructuring process;
(b) GNC Canada's 13-week cash flow forecast;
(c) Independent security review prepared by Stikeman Elliott LLP, on the validity and enforceability of the security held by the ABL-FILO Lenders and the Term Lenders;
(d) The Orders issued to date in the Chapter 11 Proceedings;
(e) The request for approval of Court-ordered administration and DIP lenders' charges; and,
(f) The request for approval of the Consulting Agreement.

June 24, 2020

The Interim Order was granted, and GNC Holdings, Inc.'s application seeking additional relief under Part IV of the CCAA was adjourned to June 29, 2020.

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