BowFlex Inc. Files for Voluntary Chapter 11 Protection and Reaches Stalking Horse Agreement to Facilitate Sale
BowFlex Inc. (BFX)
Company Research
Source: Business Wire
Secured Commitment for $25 Million in Debtor-in-Possession Financing to Continue to Fulfill Customer Orders and Support Ordinary Course Operations VANCOUVER, Wash.--(BUSINESS WIRE)--BowFlex Inc. (NYSE: BFX) (“BowFlex” or “the Company”) today announced that it has entered into a purchase agreement with Johnson Health Tech Retail, Inc. (the “Stalking Horse Bidder”) to serve as the stalking horse bidder to acquire substantially all of the assets of the Company for $37,500,000 in cash at the closing of the transaction, less closing adjustment amounts for accounts receivable, inventory and certain transfer taxes. In order to facilitate the sale process, the Company and certain of its subsidiaries have voluntarily initiated a Chapter 11 proceeding (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the District of New Jersey (“Bankruptcy Court”), which will provide interested parties the opportunity to submit competing offers.Additionally, subject to court approval, the Co
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