Blink Holdings, Inc. and certain of its subsidiaries and affiliates filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the District of Delaware in mid-August 2024. The debtors, indirect subsidiaries of Equinox Group LLC, comprise four holding companies and 134 operating entities, which each either manage an individual fitness center or were created for such purpose (Equinox Group is not a debtor in the cases). The fitness clubs are located in the Northeast region, California, Illinois, and Texas. The debtors utilized the chapter 11 process to enhance liquidity through debtor-in-possession financing to allow for a value-maximizing sale process.
That process resulted in the debtors’ entry into two asset purchase agreements — one with Lotemd Fit LLC, and the other with Pinnacle US Holdings LLC (a wholly owned subsidiary of PureGym Ltd., which operates fitness centers in the UK) – for the sale of substantially all of their assets. The bankruptcy court approved each of the sales by orders dated November 7 and November 13, respectively, and both sales closed on November 29, 2024. Each of the buyers just announced which leases and contracts they will have assumed and assigned, and which are designated as “reserved agreements” (leases and contracts which have not yet been decided on). Lists of leases and contracts can be found here (getdocumentbycode) and here (getdocumentbycode).
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