NEW YORK, Dec. 19, 2018 /PRNewswire/ -- On December 19, 2018, in the Southern District of New York, Glansaol LLC and certain of its affiliates (collectively, "the Company") voluntarily filed bankruptcy petitions under chapter 11 of the U.S. Bankruptcy Code and simultaneously filed a motion seeking Court authority to sell substantially all of its assets to AS Beauty LLC ("AS Beauty") as a going concern. The sale to AS Beauty LLC is subject to higher or otherwise better offers, and a court-supervised marketing process. The sale, which is supported by the Company's existing lenders, is designed to preserve the strength of the Company's core businesses for the benefit of the Company's economic stakeholders. The Bankruptcy Court is expected to consider whether to approve the sale procedures in early 2019.
"The Board and management team have thoroughly assessed all of our strategic options and are confident that the proposed sale process represents the best path forward for the Company," said Nancy Bernardini, the Company's chief executive officer. "We are pleased to have entered into an asset sale agreement with AS Beauty and are excited for the Company's future."
The Company is being advised by Emerald Capital Advisors as its financial advisor and Willkie Farr & Gallagher LLP as legal counsel. AS Beauty is being represented by Sill Cummis & Gross P.C., as legal counsel.
Glansaol LLC is a world-class prestige beauty and personal care company with an integrated portfolio of premium, complementary brands that include Laura Geller, Julep and Clark's Botanicals. Glansaol works with individual brands to retain their brand uniqueness while collaborating together on innovation, research and ideas across brands. Through this approach, Glansaol is dedicated to providing consumers with high quality, innovative products. Glansaol means "pure life" in the Irish language and is pronounced Glan-Sale.
SOURCE Glansaol LLC