Law360, New York (June 01, 2007, 12:00 AM ET) -- After months of speculation, Bally Total Fitness Holding Corp. has admitted that it intends to file for Chapter 11 bankruptcy, opting for the move in the face of a heavy debt loan and sinking profits.
On Thursday, the Chicago-based health giant revealed that it will file a prepackaged bankruptcy in July, hoping to emerge from Chapter 11 two months after submitting its petition.
"We are pleased to have achieved such strong support for a consensual restructuring that reduces our debt, reduces our annual cash interest obligations...
Bally Readies For Bankruptcy
To view the full article, take a free trial now.
