BowFlex (BFXXQ) has issued an update.
Bowflex, Inc. announced the Bankruptcy Court’s approval of the sale of nearly all its assets to Johnson Health Tech Retail, Inc. for $37.5 million in cash. This ‘stalking horse’ deal came after the company filed for Chapter 11 bankruptcy, and despite seeking higher bids, received no other qualifying offers. The sale, expected to close on April 22, 2024, will not yield any proceeds for common stockholders, marking a significant event for investors monitoring the company’s financial restructuring process.
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