Gold’s Gym gets $5 million in bridge financing from buyer RSG Group

By Caroline Salls

Pittsburgh, July 27 – GGI Holdings, LLC (Gold’s Gym) received court approval to obtain $5 million in bridge financing from asset purchasers RSG Group USA Inc., according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

The bridge facility and related cash collateral use will expire on Sept. 1, provided, however, if the company’s Chapter 11 plan is confirmed by that date, the expiration date will be extended to the plan effective date.

Interest will accrue at Libor plus 1,000 basis points.

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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