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Westlaw News

Town Sports considers lender bid as bankruptcy judge questions sale timeline

Town Sports International said on Wednesday it had reached a tentative deal with a group of lenders that agreed to make an $85 million credit bid to acquire the company and provide $20 million to fund its bankruptcy proceeding and conduct a sale process.

The agreement was announced at the company’s first hearing in bankruptcy court in Delaware, two days after it sought Chapter 11 protection.

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