Date : March 16th, 2010Category : UncategorizedAuthor : Editor2 Comments
NEW YORK (Reuters) – Bally Total Fitness Holding Corp (BFTH.PK: Quote, Profile, Research), one of the largest U.S. health club operators, has filed for bankruptcy protection, after struggling in recent years with membership declines and too much debt.
The Chicago-based company and more than 40 affiliates filed for Chapter 11 protection from creditors on Tuesday with the U.S. Bankruptcy Court in Manhattan.
Bally listed $396.8 million of assets and $761.3 million of debts as of December 31, court papers show.
The company said the reorganization process will not affect memberships or operations at its more than 375 health clubs. It also intends to keep paying employees and vendors.
Bally will seek approval of a “prepackaged” reorganization plan supported by holders of much of two bond issues.
It said the plan would reduce debt by $150 million and provide $90 million of capital through a rights offering backed by affiliates of Anschutz Investment Co., Goldman Sachs Group Inc
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