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Article: PE Health Chains on The Ropes.(Angelo, Gordon and Co.)
- Article from:
- Bank Loan Report
- Article date:
- May 25, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: -Kelly Holman, IDD
There's an old adage about working out: "no pain, no gain."
The same could be said of trendy New York fitness chain Crunch, which recently filed a prepackaged bankruptcy, as well as the overall health-club industry in 2009. In Crunch's case, Angelo Gordon & Co. will acquire the fitness concern out of Chapter 11 alongside former 24 Hour Fitness executives Mark Mastrov and Jim Rowley.
Angelo Gordon declined to discuss the bankruptcy, while Crunch executives were unavailable for comment.
Crunch has faced several challenges, including onerous leases it inherited from Bally Total Fitness Corp., not signing up ...