Bally Total Fitness Receives $9 Million in the Liquidation of Previously Written-Down Receivables.Business Editors CHICAGO--(BUSINESS WIRE)--Dec. 22, 2003 Bally Total Fitness Bally Total Fitness is an American health club chain with 400 gyms in 70 cities, and claims 4 million customers [1]. The chain has recently opened gyms in South Korea, China & the Bahamas. (NYSE NYSE See: New York Stock Exchange : BFT (Binary File Transfer) An extension to the fax protocol that allows transmission of raw data. A page of text is transmitted faster than a bitmap of the page and is displayed at normal printer resolution at the receiving side. ) announced today that, on December 19, 2003, it completed the second and final phase of the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of a portfolio of approximately $500 million of previously written-down receivables valued at approximately $37 million for $9 million. The Company will record a non-cash pretax charge of approximately $28 million in the fourth quarter of fiscal 2003 as a result of this sale. The Company completed the first phase of the process of monetizing these non-strategic assets in June 2003, and at the time, contemplated liquidating the remaining similar assets by year-end. "During 2003, we focused on simplifying the business and maximizing free cash flow," said Paul Toback, Chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Bally Total Fitness. "Monetizing these non-strategic assets is consistent with this strategy." Bally Total Fitness Bally Total Fitness is the largest and only nationwide, commercial operator of fitness centers, with approximately four million members and nearly 420 facilities located in 29 states, Canada, Asia and the Caribbean under the Bally Total Fitness(R), Crunch Fitness(SM), Gorilla Sports(SM), Pinnacle Fitness(R), Bally bally Adjective, adv Brit old-fashioned, slang extreme or extremely: a bally nuisance, he's too bally charming for his own good Adj. 1. Sports Clubs(R) and Sports Clubs of Canada(R) brands. With an estimated 150 million annual visits to its clubs, Bally offers a unique platform for distribution of a wide range of products and services targeted to active, fitness-conscious adult consumers. |
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