24 Hour Fitness Gets Access to $50 Million of Bankruptcy Loan

U.S. Bankruptcy Judge Karen Owens says in a hearing Tuesday she’ll allow 24 Hour Fitness Worldwide Inc. to access $50 million of a $250 million debtor-in-possession loan, but requires the company give its term loan lenders more time to decide if they want to contribute to the rest of the financing.

• The financing package totals $250m of new cash and a so-called roll-up of $250m in pre-bankruptcy term loan debt, which would elevate the repayment priority of those claims
  • The company will ask for approval of the rest of the financing at a later date
• The initial $50 million is ...