Bally Courts Approval To Alter Chapter 11 Plan

Law360, New York (August 14, 2007, 12:00 AM EDT) -- Two weeks into the gym giant's bankruptcy proceedings, Bally Total Fitness Holding Corp. is already seeking to revamp its prepackaged chapter 11 plan, vowing to offer creditors a “superior” restructuring proposal.

On Monday, Bally revealed that the company had filed a motion in the U.S. Bankruptcy Court for the Southern District of New York to amend its plan of reorganization without having to resolicit votes from its creditors.

The fitness goliath asked for permission to make the change in light of a plan put forth by...
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