Bally Total Fitness to seek waivers of defaults from late filing

New York, Nov. 1 - Bally Total Fitness Holding Corp. said it plans to seek waivers from holders of its 10½% senior notes due 2011 and 9 7/8% senior subordinated notes due 2007 of defaults caused by the company's previously announced failure to file its financial statements for the quarter ended June 30, 2004 on time with the Securities and Exchange Commission.

The Chicago health club operator said that the trustee for the notes has said it will begin notifying investors of the defaults but will not send default notices if Bally begins a consent solicitation by Nov. 15 and has either cured the default or obtained waivers by Dec. 15.

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