41,221,512 as of Aug 31, 2007
Number of Share Holders of Record
6,846 as of Jun 29, 2007
"Existing Bally shareholders and holders of certain equity-related claims will receive an aggregate distribution of $16.5 million as soon as practicable after the Company can determine the maximum amount of the equity-related claims"
$16M/41M ~ $.40
Price as of 3 Jan $.165
142% GAIN to 40 cents
81% GAIN to 30 cents
It took me over a month but I finally talked to someone at Kurtzman Carson Consultants regarding when Bally's will go private. There is no certain timeframe due to ongoing negotiations with debtors. However, Allison could say that the payout to existing shareholders will be between .30 - .40!
Call her yourself. 310-751-1797
Kurtzman Carson Consultants http://www.kccllc.net/bally
Phone: (773) 380-3000
Bally Total Fitness Emerges From Chapter 11 and Closes Transaction with Harbinger Capital Partners Funds
CHICAGO, Oct 01, 2007 /PRNewswire-FirstCall via COMTEX/ -- Bally Total Fitness announced that it has successfully emerged from chapter 11 today as a private company just over two months after filing for bankruptcy protection on July 31, 2007. The restructuring arrangements funded by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund L.P. ("Harbinger") became effective today.
Harbinger invested approximately $233.6 million in exchange for 100% of the common equity of reorganized Bally. In addition:
-- Senior Noteholders will receive new Senior Second Lien Notes bearing
interest at 13% as well as a consent fee equal to 2% of the face value
of their Notes.
-- Subordinated Noteholders will receive a cash payment of $123.5 million
in the aggregate, with the remaining balance of the Subordinated Notes
satisfied through the issuance of approximately $200 million in new
subordinated notes of reorganized Bally. The annual interest rate
payable under the new subordinated notes is 15 5/8% as the
payment-in-kind interest rate and 14% as the cash pay interest rate.
-- Existing Bally shareholders and holders of certain equity-related
claims will receive an aggregate distribution of $16.5 million as soon
as practicable after the Company can determine the maximum amount of
the equity-related claims. That determination cannot be made until
after the October 31, 2007, deadline for submission of proofs of claim
for equity-related claims, and may require court approval.
In conjunction with its emergence from chapter 11, the Company converted its debtor-in-possession ("DIP") facility to an exit credit facility. As previously announced, Morgan Stanley Senior Funding, Inc. is the sole lead arranger and sole bookrunner for the $292 million super-priority secured DIP and senior secured exit credit facilities.
The Company also announced that funds which had been deposited in respect of subscriptions for notes which were to be issued in the rights offering associated with a noteholder sponsored restructuring plan, which was not consummated, will be returned promptly.
More detailed information is available on Bally's website at http://www.ballyfitness.com
and from the Company's Chapter 11 website and hotline:
Bally Chapter 11 Information Website: http://www.kccllc.net/bally
Bally Chapter 11 Information Hotline: Toll Free: (888) 251-3046
About Bally Total Fitness
Bally Total Fitness is among the largest commercial operators of fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Korea, China and the Caribbean under the Bally Total Fitness(R) and Bally Sports Clubs(R) brands. Bally offers a unique platform for distribution of a wide range of products and services targeted to active, fitness-conscious adult consumers.
Forward-looking statements in this release including, without limitation, statements relating to the restructuring, are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Statements that are not historical facts, including statements about the Company's beliefs and expectations are forward-looking statements. These statements are based on beliefs and assumptions by the Company's management, and on information currently available to management. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events. In addition, these forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks associated with the ability of the Company to retain members and attract, motivate and retain key employees, and other factors that are described in filings of the Company with the SEC.
SOURCE Bally Total Fitness
Copyright (C) 2007 PR Newswire. All rights reserved
Thanks to RingDaBell