Performance Nutrition Seeks to Sell Assets

Performance Nutrition, a Carrollton, Texas-based marketer and distributor of nutritional supplements, filed for Chapter 11 protection in U.S. Bankruptcy Court in Dallas and said it will seek to sell its operating assets to Naturade Inc. Performance Nutrition said it filed the petition Jan. 21 and added a motion asking the court to allow it to sell its trademarks and tangible assets to Paramount-based Naturade. Performance Nutrition is the defendant in a shareholder class action accusing the company and certain former executives of overstating revenue. “The Chapter 11 filing gives us the protection we need while we work to resolve the ongoing litigation,” said Anthony Roth, Performance Nutrition president and chief executive. “The motion to sell our assets will allow us to consolidate and continue our operations.” Naturade makes and distributes health-related products and cosmetics. Performance Nutrition shares rose 3 cents to close at 28.125 cents; Naturade shares rose 37.5 cents to $2.875 in trading on the OTC bulletin board.