By  on December 11, 2009

NEW YORK — Spa Chakra Inc., the financially troubled spa located on Fifth Avenue, has said it received a buyout offer from Hercules Technology Growth Capital Inc., a specialty finance company based in Palo Alto, Calif.

As part of the process to successfully complete the sale, Spa Chakra’s chief executive officer, Michael Canizales, said the company has filed for protection under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for New York.As part of the filing, Spa Chakra has arranged for immediate financing from Hercules, which will be used by Spa Chakra to fund normal business operations during the sale process.

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