[December 31, 2020]
24 Hour Fitness Successfully Completes Chapter 11 Process; Emerges with Strengthened Capital Structure
24 Hour Fitness (the Company ), a fitness industry leader for over 35 years, today announced its emergence from chapter 11 protection. The Company has successfully completed its financial restructuring process and has implemented the plan of reorganization confirmed by the U.S. Bankruptcy Court on December 21, 2020. The Company now has greater financial strength with an optimized cost structure and leaner balance sheet after eliminating $1.2 billion of funded debt.
Chief Executive Officer Tony Ueber stated, 24 Hour Fitness is now well-positioned and well-capitalized to become the leading fitness provider, serving club members and guests across nearly 300 clubs nationwide at a time when a supportive and motivating gym community has never been more important. Safety will continue to be our top priority as we move forward with reinvesting in our clubs and intr