Content about Sunrise

August 29, 2011

Nutrition 21 on Friday announced that it has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code.

PURCHASE, N.Y. — Nutrition 21 on Friday announced that it has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code.

The company does not have sufficient cash to meet a required redemption of its Series J 8% Convertible Preferred Stock on Sept. 11, 2011, for $17.8 million.

Nutrition 21 plans on selling all, or substantially all, of its assets. During the pendency of Nutrition 21's Chapter 11 proceedings, the company will remain in possession of its assets and will continue to operate its business.