Bally Total Fitness Ch. 11 Plan Wins OK

Law360, New York (August 21, 2009, 6:37 PM EDT) -- A judge has confirmed a bankruptcy reorganization plan for health club company Bally Total Fitness Holding Corp., signing off on a debt-for-equity swap deal that will provide new financing for the company and allow it to cut its debt by at least $660 million.

Judge Burton R. Lifland issued the order on Thursday in the U.S. Bankruptcy Court for the Southern District of New York, putting the company on track to emerge from Chapter 11 protection about 10 months after it filed.

The plan calls for...
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