Bally’s stock plummets on bankruptcy warning
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Shares of Bally Total Fitness Holding Corp. plunged 62% after the struggling fitness center operator said it might seek U.S. Bankruptcy Court protection.
The slide accelerated a steep decline in Bally’s stock that began last year amid questions about management and failed efforts to sell itself.
Bally plummeted $1.24 to an all-time closing low of 75 cents a share. It is down more than 90% in the last year.
Chicago-based Bally said it might file for Chapter 11 because it had $827 million in outstanding debt, with an additional $300 million coming due in October and just $45 million in cash.
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