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Sports Club receives default notice
New York, May 28 - The Sports Club Co. said it received a notice of default from U.S. Bank, the trustee for its 11 3/8% senior secured notes due March 2006.
The notice is because of the Los Angeles company's failure to file its 10-K annual report for the year ended Dec. 31, 2003 with the Securities and Exchange Commission on time.
The Sports Club has 30 days to make the filing before a default occurs.
The company added that it expects to file within the 30 days and so cure the default.
The Sports Club previously said it would be filing the report late because of "complex issues" associated with accounting regulations FAS 142 and 144.
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