Bally Total Fitness Gets Extensions

Law360, New York (July 19, 2007, 12:00 AM EDT) -- Bally Total Fitness Holding Corp has won extensions on existing forbearance agreements with noteholders, the company announced Tuesday. The gym giant is preparing to spend a stint in Chapter 11 bankruptcy protection, but has not yet announced a filing date, pending noteholder approval of a prepackaged reorganization plan.

“The forbearances ran out, and we're in the process of soliciting consent,” said Bally spokesman Matt Messinger. “We needed to extend those.”

The extension agreements keep any enforcement actions at bay until July 31, 2007. Senior noteholders -...
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