Nutrition 21 has filed a voluntary petition for relief under chapter 11 of the US bankruptcy code.
The company plans on selling all of its assets under section 363 of the bankruptcy code. During the pendency of the company's chapter 11 proceedings, the company will remain in possession of its assets and will continue to operate its business.
Pursuant to the Plan Support Agreement, the holders of Series J Preferred Stock have agreed, subject to certain conditions, to support a plan of reorganisation proposed by the company under chapter 11 of the bankruptcy code, that is consistent in all material respects with the proposed plan of reorganisation described in the Plan Support Agreement.
The holders of Series J Preferred Stock that are parties to the Plan Support Agreement represent at least 76% of the outstanding Series J Preferred Stock.
Source: Nutrition 21
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