Next Monday at a law office in Wilmington, Del., vitamin maker Natrol Inc. will auction itself off. ICV Partners is offering approximately $90 million for Natrol, but other bidders can top that at the auction.
The California company filed for Chapter 11 bankruptcy protection in June, due to a dispute with lender Cerberus Business Finance LLC. The buyout firm had criticized the company’s management. Natrol lawyers said they “strongly disputed” the lender’s claims of mismanagement.
Cerberus backed down when Natrol agreed to try to find new financing to pay off the loan or to put the company up for sale.
The ICV deal, or a topping offer, would pay Cerberus off in full. The winner of Monday’s auction will come before a Wilmington, Del., judge two days later and ask for the sale to be approved.
Next Wednesday in Camden, N.J., Revel Casino Hotel will ask a judge to send its liquidation plan to creditors for a vote.
The casino, which filed for its second bankruptcy this past June, plans to pay back creditors after a $110 million sale to Brookfield Property Partners LP goes through.
The hearing on the so-called disclosure statement, a plain English version of a company’s reorganization plan on which creditors must vote, comes a day before a scheduled final hearing on the company’s bankruptcy loan from a group of lenders led by Wells Fargo Bank .