Bally Total Fitness requests exclusivity extension to continue looking for plan sponsor

By Jennifer Lanning Drey

Portland, Ore., March 10 - Bally Total Fitness Holding Corp. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend the exclusive plan-filing period to July 31 from April 2 and the solicitation period to Sept. 9 from June 1.

Bally said it is negotiating with its pre-bankruptcy lenders and other parties for sponsorship of a plan of reorganization. The company said it has spent significant time pursuing proposals but needs more time to complete the negotiations and propose a corresponding plan.

Bally also said it is still evaluating its unexpired leases and working on restructuring its operation and geographic footprint.

A hearing has been scheduled for March 24.

Bally, a Chicago-based fitness center operator, filed for bankruptcy on Dec. 3. Its Chapter 11 case number is 08-14818.

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