Town Sports Approved to Close Gym Sale to Group Including Tacit

Bankrupt Town Sports International Holdings won court permission to sell itself to a group that includes Tacit Capital.

• The group had agreed to serve as the initial bidder at a court-supervised auction and to exchange as much as $80 million in Town Sports debt for ownership; that auction was canceled when no other offers came in
• U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Delaware, approved the sale during a court hearing held by telephone and video on Tuesday
• The buyers have negotiated new lease terms to potentially reopen 40 of its fitness club locations and may add more spots ...