Fitness First Says Lenders Sign Agreement for Debt Restructuring
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Fitness First Ltd., the gym operator with 1.2 million club members in 15 countries, said more than 90 percent of its lenders signed a lock-up agreement, approving the terms of the debt restructuring.
Lenders will write off all of their debt for an equity stake in the Poole, England-based company and will provide a long-term working capital credit facility, Fitness First said in a statement. It expects the restructuring to be completed by the end of September.