Fitness First avoids administration as CVA approved
Distressed investors Marathon and Oaktree are set to take over UK gym chain Fitness First after creditors approved a company voluntary arrangement (CVA) that will allow a planned debt-for-equity swap to take place.
As required, more than 75% of all creditors and over 50% of unconnected creditors approved the proposal. The majority of Fitness First’s landlords, which were the largest unconnected group of unsecured creditors, voted in favour of the CVA.
Richard Fleming, UK head of restructuring at KPMG and supervisor of
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