Gold’s Gym Set for Bankruptcy Sale With $80 Million Initial Bid

June 8, 2020, 9:15 PM

Bankrupt fitness club Gold’s Gym International Inc. is looking to sell itself via auction, with an initial “stalking horse” bid of more than $80 million.

Judge Harlin D. Hale of the U.S. Bankruptcy Court for the Northern District of Texas Monday approved bidding procedures for a July 13 auction that will lead to a sale as part of the GGI’s reorganization plan.

TRT Gym Asset Holdings LLC, GGI’s majority shareholder as well as an affiliate of the debtor’s post-bankruptcy debtor-in-possession lender, is the lead bidder for the company.

Its offer, subject to overbid at auction, will provide $51.3 million to ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.