In-Shape Approved For $45M Ch. 11 Sale Of Calif. Gym Clubs

Law360 (February 19, 2021, 9:05 PM EST) -- Bankrupt fitness chain In-Shape Holdings received approval Friday in U.S. Bankruptcy Court in Delaware for a $45 million sale of its 49 clubs to a stalking horse bidder whose offer was not challenged in a Chapter 11 sale process.

During a virtual hearing, debtor attorney Jane Kim of Keller Benvenutti Kim LLP said the proposed sale could go forward after the official committee of unsecured creditors assented to the transaction.

"As is often the case, a lack of drama in the courtroom is the result of a lot of work done behind the scenes," Kim said.

Despite extensive prepetition and post-petition...

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