Bally noteholders to receive partial distribution of stock, warrants

By Caroline Salls

Pittsburgh, Dec. 11 - Bally Total Fitness Holding Corp.'s 13% senior secured notes trustee said it would make a partial distribution of stock and warrants to noteholders on Dec. 11 under the company's plan of reorganization, according to a notice to bondholders from trustee U.S. Bank NA.

Specifically, noteholders will receive 0.269219 of stock and 0.614177 of warrants for each $1,000 principal amount of notes under the partial distribution.

Under Bally's plan of reorganization, the noteholders are slated to receive a total of 3% of the new common stock of the reorganized company and warrants to purchase an additional 5% of stock.

Bally, a Chicago-based fitness center operator, emerged from bankruptcy on Sept. 1. Its Chapter 11 case number is 08-14818.

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