Town Sports International secures interim access to cash collateral

By Caroline Salls

Pittsburgh, Sept. 16 – Town Sports International, LLC received court approval to use the cash collateral of its pre-bankruptcy lenders on an interim basis, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Oct. 14.

The company said it needs the cash collateral to maximize the value of its assets, as well as to fund payroll and operating expenses.

Town Sports is a Jupiter, Fla.-based owner and operator of fitness clubs. The company filed bankruptcy on Sept. 14 under Chapter 11 case number 20-12168.

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