NutraMax
This article was originally published in The Tan Sheet
Executive Summary
Chapter 11 bankruptcy terms confirmed, Gloucester, Mass.-based marketer announces Nov. 7, enabling shareholders to purchase new stock in the reorganized company. Capital raised by offering will go to pay off $18 mil. debt. Company increases debt to CIT Group/Business Credit from $30 mil. to $40 mil. to maintain operations; the bankruptcy plan was submitted to Wilmington, Del. federal court in May (1"The Tan Sheet" May 22, p. 5)