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Bally Total Fitness
Bally Total Fitness Announces Noteholder Acceptance of Prepackaged Plan of Reorganization
August 18th, 2007
Bally Total Fitness , announced that it has received the requisite votes in favor of the previously announced chapter 11 Plan of Reorganization (the "Plan") and as previously disclosed will proceed to promptly implement the Plan by filing a voluntary petition for a "prepackaged" reorganization under chapter 11 of the U.S. Bankruptcy Code. More than 99% of the holders of the Company's 10- 1/2% Senior Notes due 2011 (the "Senior Notes") and 78% of the holders of its 9-7/8% Senior Subordinated Notes due 2007 (the "Senior Subordinated Notes") who cast ballots prior to expiration of the solicitation period at 4:00 p.m. ET today voted in favor of the Plan. The votes in favor of the Plan...
Source: Law & Health Weekly (2007-08-18)
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