In-Shape Holdings LLC will sell its chain of California fitness centers to former CEO Paul Rothbard, Aquiline Capital Partners LLC, and other investors after getting court approval for the deal.
The transaction, approved Friday, eliminates $45.3 million of debt owed to the purchasers and keeps In-Shape’s gyms in business for the foreseeable future.
The company sought approval from Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware after no other interested parties came forward to top Rothbard and Aquiline’s offer. The sale leaves unsecured creditors without a cash recovery, but will preserve jobs as well ...
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