DISTRESSED DAILY: 24 Hour Fitness Could Face Another Workout

Health club 24 Hour Fitness could be heading for another workout.

The chain has struggled since emerging from bankruptcy at the end of 2020 and will likely need to refinance its debt, according to Moody’s Investors Service senior analyst Joanna O’Brien.

Worse-than-expected performance since it exited bankruptcy and growing debt prompted Moody’s to downgrade the company’s corporate family rating and probability of default this week by two levels to Caa3.

The fitness chain has a $60 million term loan due in August, and Moody’s “does not believe the company can meet the maturity” and “will continue to burn significant …

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