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Fitch downgrades GNC
Fitch Ratings said it downgraded the long-term issuer default rating of GNC Holdings, Inc. to D from CC following the company's Chapter 11 bankruptcy protection filing on Tuesday.
GNC had about $1.2 billion in total debt outstanding on the petition date, including GNC's convertible preferred equity, which Fitch treats as debt and $60 million of borrowings on its $80 million asset-based loan (ABL).
GNC is pursuing several bankruptcy emergence paths, Fitch said.
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