NY Sports Club Owner's Ch. 11 Strategy Draws Court Concern

Law360 (September 16, 2020, 4:48 PM EDT) -- The parent company of New York Sports Club told a Delaware bankruptcy judge Wednesday that it had reached a deal with warring creditors that would allow for a Chapter 11 sale process to commence, but the court voiced concerns over the proposed timeline in the case.

During a hearing conducted virtually, Town Sports International attorney Nicole L. Greenblatt of Kirkland & Ellis LLP said the case began with discord among groups of senior lenders but that a deal had been reached where they will allow a third party to serve as a stalking horse bidder for the debtor's assets and provide...

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