To print this article, all you need is to be registered or login on Mondaq.com.
On December 16, 2020, In-Shape Holdings, LLC and two affiliated
debtors (together, the Debtors or In-Shape )
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code. In-Shape Holdings, LLC is a health club
operator in Stockton, CA.
The company reports $50 to $100 million in assets and more than
$100 million in liabilities, including a first-lien revolving
credit agreement of up to $17 million and $53 million in term
loans.
In-Shape entered into an asset purchase agreement to sell
substantially all of the Debtors assets with an existing
Dec. 16, 2020 3:03 pm ET
California gym chain In-Shape Holdings LLC sought bankruptcy protection Wednesday to ease a proposed sale to a private equity firm as a surge of coronavirus cases intensifies the pandemic’s impact on the fitness industry.
The private company, which operates more than 60 clubs throughout California with over 470,000 members, filed for chapter 11 protection while blaming its demise on the latest round of shutdown orders imposed by California Gov. Gavin Newsom.
Backed.