Andy Leeser – LA Fitness
LA Fitness entered a period of distress following competitive pressure, changing regulations, and a massive debt burden. A restructure of its capital structure (with multiple classes of financial creditor) and the underlying business operations became critical. A consensual restructure was agreed whereby the senior lenders purchased the mezzanine debt and agreed a compromise of their own debt (in return for equity) to support the delivery of two CVAs and a restructuring plan. Following a competitive process, the repositioned business was sold to Pure Gym, less than 12 months after the restructure date.