Pharma Investments, Ventures & Law Weekly
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Bally Total Fitness Corporation
Bally Total Fitness Files for Chapter 11 Bankruptcy Protection
December 21st, 2008
Bally Total Fitness Corporation ("Bally") announced that it has filed for voluntary chapter 11 bankruptcy protection. The chapter 11 petition was filed today in the U.S. Bankruptcy Court for the Southern District of New York. Bally intends to use the chapter 11 process to significantly reduce debt from its balance sheet while streamlining and strengthening its core operations. It expects to accomplish these goals through either a sale of the business as a going concern or through a chapter 11 plan of reorganization. Bally has received strong indications of interest from a number of prospective purchasers and is engaged in active and advanced negotiations with certain of...
Source: Pharma Investments, Ventures & Law Weekly (2008-12-21)
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