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Bally Fitness Mulling Chapter 11

Law360 (March 16, 2007, 12:00 AM EDT) -- Bally Total Fitness is currently considering whether to duck into bankruptcy protection in the wake of defaulting on its massive debt obligations.

On Thursday, the gym giant revealed that the company may file for Chapter 11, which could turn out to be the fitness center’s best option in the face of a heavy debt loan and sinking profits.

Bally released the bankruptcy warning as part of its announcement that it would be late filing its annual report with the U.S. Securities & Exchange Commission, which was...
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