Avadim’s Black Mountain expansion won’t happen, he filed for bankruptcy

Avadim Health Inc., the Asheville-based skin care products company that announced ambitious plans in 2016 to build a $ 20.4 million facility and hire 551 workers at Black Mountain, has filed for bankruptcy. 11.

The company has also agreed to sell “substantially all of its assets,” according to a press release from the company. But Avadim is not going bankrupt, the documents say.

“These developments are part of a plan to significantly strengthen the company and best position it for a long and prosperous future,” the statement said.

The company has estimated assets between $ 10 million and $ 50 million, but its estimated liabilities range from $ 100 million to $ 500 million. The Chapter 11 filing indicates that Avadim has between 200 and 299 creditors who owe money.

Avadim owes its major lenders more than $ 79.6 million, according to bankruptcy court documents.

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