Ropes & Gray Advises 24 Hour Fitness in Completion of Court-Approved Reorganization Plan
Ropes & Gray advised 24 Hour Fitness, a fitness industry leader for over 35 years, in the completion of a reorganization plan confirmed by the United States Bankruptcy Court for the District of Delaware on Dec. 21, 2020. 24 Hour Fitness announced its completion of its chapter 11 reorganization process on Dec. 29. The press release is here.
In its restructuring, 24 Hour Fitness restructured more than $1.2 billion of debt and reorganized its operations amidst literally unprecedented challenges facing the US fitness industry. With the assistance of Ropes & Gray’s advice, 24 Hour Fitness reorganized with both a substantially de-levered balance sheet and a substantial equity investment from its new owners. The 24 Hour Fitness restructuring is a landmark for what businesses can accomplish even in the most difficult of circumstances.
The Ropes & Gray team that advised 24 Hour Fitness was led by partners Ryan Preston Dahl and Cristine Pirro Schwarzman, and included business restructuring associate Lindsay Lersner.