Gold’s Gym Chapter 11 plan unanimously OK’d by most voting classes

By Caroline Salls

Pittsburgh, Aug. 24 – The Chapter 11 plan filed by GGI Holdings, LLC (Gold’s Gym) was unanimously accepted by voters in four of five creditor and equityholder classes, according to a ballot report filed Monday with the U.S. Bankruptcy Court for the Northern District of Texas.

The plan was unanimously accepted by holders of old equity interests, intercompany claims, debtor-in-possession lender claims and first-lien secured claims against each of the GGI debtors.

Both holders of $455,275 in general unsecured claims against the Gold’s Alabama, LLC debtor voted to accept the plan, and the one holder of $124,585 in general unsecured claims against the Gold’s St. Louis, LLC debtor voted to reject it.

Five holders, or 62.5% in number, of $4.45 million of general unsecured claims against Gold’s Gym International, Inc. voted to accept the plan, while three holders, or 37.5% in number, of $3.00 of those claims voted to reject it.

One holder, or 50% in number, of $1.01 million, or 94.47% in amount, of general unsecured claims against Gold’s Gym Rockies, LLC voted to accept the plan, while one holder, or 50% in number, of $59,025, or 5.53% in amount, of those claims voted to reject it.

Thirteen holders, or 81.25% in number, of $214,755, or 81.81% in amount, of general unsecured claims against Gold’s Holding Corp. voted to accept the plan, while three holders, or 18.75% in number, of $47,765, or 18.19% in amount, of those claims voted to reject it.

One holder, or 50% in number, of $6,150, or 51.13% in amount, of general unsecured claims against GGI Holdings, LLC voted to accept the plan, while one holder, or 50% in number, of $5,879, or 48.87% in amount, of those claims voted to reject it.

Five holders, or 71.43% in number, of $2.34 million, or 91.52% in amount, of general unsecured claims against Gold’s Texas Holdings Group, Inc. voted to accept the plan, while two holders, or 28.57% in number, of $216,288, or 8.48% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Aug. 25.

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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