GNC’s Bankruptcy Plan Approved After $770 Million Sale to Harbin

GNC Holdings Inc. won approval of its bankruptcy reorganization plan that centered on a $770 million sale to its largest shareholder, keeping open at least 1,400 of its nutrition supplement stores and saving thousands of jobs.

The plan, approved Wednesday by Judge Karen B. Owens of the U.S. District Court for the District of Delaware, follows a global settlement among GNC, the creditors committee, buyer Harbin Pharmaceutical Group Holding Co., and other creditors that fought over sale terms and the structuring of GNC’s reorganization.

The planwill pay unsecured creditors from a pool of $4.5 million cash, plus another $20 ...