(Bloomberg) -- A group of Bally Total Fitness Holding
Corp. shareholders proposed an alternative to the gym operator's
bankruptcy plan, which would cancel their stock.
The group, led by Harbinger Capital Partners Masters Fund I
Ltd., instead wants to give shareholders 10 percent of the equity
in the reorganized company and a chance to buy another 10 percent
in a rights offer, Harbinger said in a letter to Bally directors
included in a regulatory filing today. The Harbinger group
would get the other 80 percent of the stock, while subordinated
noteholders would receive $60 million in cash and new notes.
Read more at Bloomberg Bonds News
Corp. shareholders proposed an alternative to the gym operator's
bankruptcy plan, which would cancel their stock.
The group, led by Harbinger Capital Partners Masters Fund I
Ltd., instead wants to give shareholders 10 percent of the equity
in the reorganized company and a chance to buy another 10 percent
in a rights offer, Harbinger said in a letter to Bally directors
included in a regulatory filing today. The Harbinger group
would get the other 80 percent of the stock, while subordinated
noteholders would receive $60 million in cash and new notes.
Read more at Bloomberg Bonds News
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