Gold’s Gym Can Tap $20 Million Bankruptcy Loan as Gyms Stay Shut

Gold’s Gym International Inc. gets access to a $20 million bankruptcy loan that will keep it operating as most gyms across the globe remain shut to curb the spread of the coronavirus.

• At debtor’s first bankruptcy hearing, Judge Harlin DeWayne Hale grants permission for the gym to access a $20 million debtor-in-possession loan provided by its majority shareholder TRT Holdings Inc.
• Access to financing is needed on an “emergency basis” to turn around the business, open more gyms across the country and eventually stabilize revenue, Aaron Kaufman of law firm Dykema Gossett said on behalf of the company
  
  • Debtor aims ...