Calif. Gym's Ch. 11 Break-Up Fee Slashed, Creditors Say
Law360 (January 19, 2021, 7:36 PM EST) -- California-based fitness chain In-Shape's committee of unsecured creditors told the Delaware bankruptcy court Monday that a $1 million break-up fee in the gym's potential $45.3 million sale to a stalking-horse bidder has been slashed, just weeks after the U.S. trustee argued the steep fee could discourage competing bids.
The official committee of unsecured creditors told the court that In-Shape, which filed for Chapter 11 bankruptcy protection in mid-December citing COVID-19 restrictions that limited its ability to operate health clubs, agreed to make key modifications to the bidding procedures and debtor-in-possession financing after extensive negotiations with the debtor-in-possession agent, the stalking horse and the...
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