Bally Total Fitness
"Court acceptance of a "prepackaged" bankruptcy plan for Bally Total Fitness should allow Bally to emerge from bankruptcy by September's end, reports the Chicago Tribune. The prepackaged plan, which reportedly required advance approval of bondholders, will allow creditors to get equity in the fitness emporium in exchange for forgiving Bally's debt. Investments apparently totaling $233.6 million dollars from Harbinger Capital Partners are central to the success of Bally's bankruptcy plan. Harbinger will be Bally's new owner."
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