Gold’s Gym asset sale approval, plan confirmation hearings adjourned

By Caroline Salls

Pittsburgh, July 22 – GGI Holdings, LLC’s (Gold’s Gym) asset sale and Chapter 11 plan confirmation hearings have been adjourned, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Specifically, the sale hearing will be held on July 29, postponed from July 24, and the plan confirmation hearing is scheduled for Aug. 25, reset from July 29.

Plan votes must be submitted by 6 p.m. ET on Aug. 17, pushed back from July 24.

In its July 15 motion for adjournment of the hearings, Gold’s Gym said it was still working with the winning bidder for its assets, the official committee of unsecured creditors, the company’s consultation parties and the debtor-in-possession financing lender on the resolution of cure claim and other sale objections, as well as filing requirements under the Hart–Scott–Rodino Antitrust Improvements Act of 1976.

The company said it expected the sale closing to be delayed by two weeks to comply with regulatory requirements. In the meantime, Gold’s Gym said it intends to amend the plan to incorporate the terms of the winning bid and remove any ambiguity that may exist under the current plan.

GGI is a Dallas-based operator of physical fitness facilities. The company filed bankruptcy on May 4 under Chapter 11 case number 20-31318.

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