Twinlab Files for Bankruptcy Protection
From Bloomberg News
Twinlab Corp., a maker of vitamins and nutritional supplements, filed for bankruptcy protection after a drop in sales -- partly the result of its decision to stop selling weight-loss products containing ephedra.
Twinlab listed $91.5 million in assets and $116.5 million in debt in the Chapter 11 filing. The company, based in Hauppauge, N.Y., also agreed to sell most of its assets to Grand Rapids, Mich.-based IdeaSphere Inc. for $65 million cash plus the assumption of about $3.7 million in liabilities.
Twinlab this year stopped selling ephedra, which has been linked to heart problems and some deaths.
Shares of Twinlab fell 3.5 cents to 9.5 cents in over-the-counter trading.
