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Bally Files for Chapter 11 Bankruptcy

Published Wednesday, August 01, 2007

CHICAGO – Bally Total Fitness made it official last night: The second-largest revenue-producing club company in the industry filed for Chapter 11 bankruptcy. The filing by Chicago-based Bally and more than 40 of its affiliates took place in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. Court papers show that Bally listed $396.8 million of assets and $761.3 million of debt as of Dec. 31, 2006, according to a report by Reuters. On Friday, Bally announced that it had received enough votes from holders of its 10 1/2 percent senior notes due 2011 ...

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