Town Sports International LLC Reaches Agreement

The drama foreshadowed in a response to Town Sports International LLC’s cash collateral motion fizzled in court on Wednesday as Kennedy Lewis Investment Management LLC stood down, the court entered an interim cash collateral order, and the debtors moved forward with negotiations with an ad hoc group of lenders comprised of Abry Partners, Apex Credit Partners LLC, CIFC Asset Management LLC, Ellington Management Group LLC and Trimaran Advisors Management LLC and private equity firm Tacit Capital LLC on the terms of both a DIP credit facility and a credit-bid-based asset sale in bankruptcy (of no more than $85m). The company hopes to run a quick marketing process and…

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