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FTI Consulting is handling the restructuring of 24 Hour Fitness as the chain of gyms blames the impact of the COVID-19 pandemic for triggering Chapter 11.
Based in San Ramon, CA, the company runs more than 400 fitness centers across the US.
24HF expects the majority of its clubs will reopen by the end of June and the rest by the end of the year. They have been retooled for the COVID-19 environment with touch-free check-in/check-out, stringent cleaning and social distancing protocols.
“If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11," said CEO Tony Ueber.
He said the restructuring will provide 24HF the financial strength and flexibility to accelerate its business transformation plan, which includes the closing of 130 locations.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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