Deal on deck: Bally's totally unfit

Struggling to attract new members and buried in debt, Bally Total Fitness Holding Corp. may be forced to file for Chapter 11 if it can’t work out its liquidity problems. The Chicago-based gym operator said Thursday, March 15 that it is exploring a “broad range of options” in the hopes of restructuring its debt and that it may seek to reorganize under Chapter 11 if it is unable to do so. Bally has hired restructuring heavyweight Jefferies & Co. as its financial adviser, the announcement said. Full coverage will follow on The Deal.com and in The Daily Deal.

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