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Article: Bally Total Fitness Wins OK to Exit Bankruptcy
- Article from:
- Reuters Hedgeworld
- Article date:
- August 20, 2009
CopyrightCopyright 2009 Reuters Hedgeworld. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK (Reuters) - A federal bankruptcy judge has approved
Bally Total Fitness Holding Corp.'s reorganization plan, clearing
the way for the U.S. health club operator to emerge from Chapter 11
under its lenders' control.
Judge Burton Lifland of the federal bankruptcy court in Manhattan
confirmed the plan at a hearing on Wednesday [Aug. 19]. An outside
spokesman for Bally said the Chicago-based company expects to emerge
from court protection in late August or early September.
According to court papers filed last month, JPMorgan Chase & Co.
was to get 50.5% of the common stock of a reorganized company, while
Anchorage Advisors LLC, a New York-based hedge fund, was to get
33.7%. The plan ...