Court clears Twinlab sale

The US bankruptcy court has approved the sale of supplement manufacturer Twinlab to IdeaSphere, as reported last month.

Grand Rapids, Michigan-based IdeaSphere was one of 12 pursuing the strong Twinlab brand before its bankruptcy. Its offer of $65 million still stood as the highest bid after Twinlab filed for chapter 11 bankruptcy on September 4.

Ideasphere has said it will maintain Twinlab's Hauppauge headquarters and all of the company's staff. The company announced in September that it would also assume $3.7 million of employee and related liabilities as well as the majority of the company's executory contracts and unexpired leases.

The bankruptcy court for the southern district of New York, administering the company's case, approved the asset sale on October 27, 2003 pending the submission of a consensual sale order, which was submitted on October 30, 2003.

The asset sale, which is expected to close in the coming weeks, remains subject to the satisfaction of standard and customary conditions of closing, including the receipt of regulatory approvals.

Ross Blechman, president and CEO of the company, said: "I saw potential for a partnership with IdeaSphere that could not only reshape this company, but also reshape the industry. In addition to their desire to maintain the company's employees, IdeaSphere is committed to the high quality, science-based philosophy that has been a hallmark of the Twinlab brand."​