US Post Petition: Blink Fitness – Chapter 11 Bookend

This is the inaugural edition of “Chapter 11 Bookend,” a new feature from the Post Petition team at the end of each bankruptcy case that details the road to bankruptcy, the company’s debt, the highlights of the case and how it emerged from chapter 11. The team’s next “Chapter 11 Bookend” will be Spirit Airlines. 

Blink Fitness, a provider of low-price gyms, filed for chapter 11 bankruptcy in Delaware on Aug. 12 with a restructuring support agreement backed by a majority of prepetition lenders. The prearranged filing proposed to restructure its funded debt, renegotiate leases and facilitate a value-maximizing sale. The filing came in response to mounting debt and liquidity constraints exacerbated by the Covid-19 pandemic and a subset of underperforming clubs.