Bally Total Fitness Files Chapter 11 Bankruptcy
“Bally Total Fitness Corp. filed for Chapter 11 bankruptcy protection on Wednesday for the second time in less than two years, hindered by debt and limited refinancing options amid the credit crunch. The Chicago-based gym operator will use existing cash reserves to continue operating. Bally, which again filed in the U.S. Bankruptcy Court for the Southern District of New York, plans to sell itself or reorganize under Chapter 11.” [Link]
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