Bally Fitness Runs To Bankruptcy Court

Law360, New York (August 1, 2007, 12:00 AM EDT) -- After months of threatening to enter Chapter 11, Bally Total Fitness Holding Corp. has finally bitten the bullet and filed a prepackaged reorganization plan after receiving the necessary noteholder approval.

On Wednesday, the fitness giant revealed that it had initiated reorganization proceedings in the U.S. Bankruptcy Court for the Southern District of New York, hoping to enable Bally to survive in the face of a heavy debt load and sinking profits.

“The Chapter 11 financial restructuring enables us to strengthen our balance sheet, while providing us...
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