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Bally Faces Rival Chapter 11 Plan

Law360 (July 6, 2007, 12:00 AM EDT) -- Though the gym giant has already secured financing for its reorganization plan, Bally Total Fitness Holding Corp. is now facing some stiff competition over its proposed exit strategy as a shareholder group tries to muscle its way into the process with a rival restructuring plan of its own.

On Friday, the group, led by hedge funds Harbinger Capital Partners and Liberation Investment Group, urged the embattled fitness chain to delay its bankruptcy proceedings while unveiling a second plan for noteholders to consider.

Under the alternative proposal,...
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