Bally Total Fitness files for Ch. 11 - Orlando Business Journal:

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Chicago-based Bally Total Fitness has 24 health clubsw in Florida including four in theOrlando Bally’s filed the case in the U.S Bankruptcy Courtg for the Southern District of New In a statement, the company’s leaders said Bally’z will use the filing as an opportunity to restructurre the company and reduce debt from its balancer sheet. Bally’s added, “It expects to accomplishj these goals through either a sale of the business as a goingt concern or through a Chapter 11 planof reorganization.” Bally’sa said certain parties have already expressed interestg in the potential purchase of the healt club company.
If Bally’s does not secure a buyer, the companyt said it remains confident Bally’s can successfully engaged in a companywide reorganization under the Chapter11 Bally’s confirmed it has existing cash reservess and cash receipts to keep operations going. The company “If Bally successfully negotiatez a sale transaction with its they would provide the companywith debtor-in-possessiomn (or DIP) financing as an additional sourcwe of liquidity to support Bally’s ongoing This is not the firsty time Bally’s has filedx for Chapter 11 bankruptcy.
In mid-2007, Bally’sz filed for Chapter 11 bankruptcy protection as its membership base declined and mounting debt weighed the fitnessclub chain's finances down. The plan designedd in 2007 aimed to reducethe company's debt by $150 milliob and bring in $90 million in new capitak for investing in some of its 375 clubs nationwide. Accordingy to , Bally’s emerged from the 2007 bankruptcyh filing withthe court’s protection and funding supplied by hedge fund firm .