24 Hour Fitness seeks 120-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Oct. 13 – 24 Hour Fitness Worldwide, Inc. is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday in the U.S. Bankruptcy Court for the District of Delaware.

Specifically, 24 Hour Fitness is asking the court to extend the plan filing period through Feb. 10 and the solicitation period through April 13, 2021.

The debtors filed a joint plan of reorganization on Oct. 7 and are “continuing to engage with their creditors’ committee and other parties in their ongoing efforts to build consensus and complete this reorganization as quickly as reasonably possible,” 24 Hour Fitness said in its motion.

The company said that a loss of exclusivity would not only constitute a termination event under its restructuring support agreement, but also “dismantle the significant progress achieved by the debtors in these Chapter 11 cases thus far.”

“In a case with several constituencies with differing interests, these Chapter 11 cases serve as a paradigm for why plan exclusivity should be maintained with the debtors to avoid one party from leveraging its self-interest ahead of the best interests of the debtors’ estates and all of the debtors’ stakeholders,” the motion said.

24 Hour Fitness is a San Ramon, Calif.-based fitness-club operator. The company filed bankruptcy on June 15 under Chapter 11 case number 20-11558.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.