Bally Takes A DIP With Morgan Stanley

Law360, New York (July 3, 2007, 12:00 AM EDT) -- Though still waiting for the go-ahead from noteholders, Bally Total Fitness Holding Corp. has already secured the funding necessary to restructure its debt and bankroll its foray into bankruptcy.

On Monday, Bally revealed that it had signed a commitment letter with Morgan Stanley, with the financial giant agreeing to serve as the lead arranger and bookrunner for a $292 million debtor-in-possession loan.

Under the deal, the $292 debt facility will be broken up into a $50 million revolving credit facility and a $242 million term loan...
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