Gold’s Gym receives court approval of $100 million sale to RSG Group

By Caroline Salls

Pittsburgh, July 30 – GGI Holdings, LLC (Gold’s Gym) obtained court approval to sell its assets to RSG Group GmbH, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, RSG said the estimated final purchase price for the Gold’s Gym assets will be $100 million.

In addition, Gold’s Gym received court approval last week to obtain $5 million in bridge financing from RSG Group USA Inc.

The bridge facility and related cash collateral use will expire on Sept. 1, provided, however, that 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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