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Gold’s Gym Wins Bankruptcy Liquidation Plan Approval

Aug. 25, 2020, 9:25 PM

Gold’s Gym International Inc. won court approval to liquidate in bankruptcy under a plan that repays creditors with the proceeds from a $100 million asset sale.

The Chapter 11 plan, expected to repay all secured and unsecured claims against the fitness chain, was approved by Judge Harlin D. Hale of the U.S. Bankruptcy Court for the Northern District of Texas during a telephonic hearing Tuesday.

Hale called the wind-down plan “an extraordinary result” for a company that filed for bankruptcy during the Covid-19 pandemic and forced to navigate its Chapter 11 case as lawyers and advisors worked from home.

Gold’s,...

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