New Chapter 11 Filing – In-Shape Holdings, LLC
On December 16, 2020, In-Shape Holdings, LLC, of Stockton, CA, a health club operator that had operated 65 clubs prior to the Covid-19 pandemic, and two affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case 20-13130). The company reports $50 to $100 million in assets and $100 to $500 million in liabilities. The company has entered into an asset purchase agreement for substantially all of the debtors’ assets with an existing lender and co-investors as stalking horse, for a purchase price of a $45.3 million credit bid of the DIP and prepetition obligations. The stalking horse would assume leases relating to up to 45 clubs. Prepetition first lien lenders would also provide $30.6 million in DIP financing. A link to In-Shape Holdings, LLC’s chapter 11 petition can be found here.
Cole Schotz does not represent the Debtor in this case. We are posting this for informational purposes only. If you have received a notice and have any questions, you should contact Debtors’ counsel.
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