Bally Total Fitness Swiftly Exits Bankruptcy

Law360, New York (September 1, 2009, 5:52 PM EDT) -- Bally Total Fitness Holding Corp. announced Tuesday that it has emerged from bankruptcy following a new financing deal and the approval of its Chapter 11 plan earlier this month, wrapping up a speedy restructuring effort that lasted only nine months.

Bally CEO Michael Sheehan said the restructuring process allowed the company to invigorate its balance sheet and begin to focus on improving its business.

“Bally is moving in the right direction as we continue to systematically improve every aspect of this company,” Sheehan said. “The unparalleled...
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