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Bally Total Fitness Files for Chapter 11 Bankruptcy Protection
Date:12/3/2008

financial resources will provide ample liquidity for working capital needs and will allow for continued operation of Bally's business throughout the reorganization process.

Michael Sheehan, Chief Executive Officer of Bally, said, "Over the past five months, Bally has significantly improved its operating processes and expense management and streamlined its organizational structure, leading to a marked improvement in Bally's current and projected operating performance. Unfortunately, the burden of Bally's long-term indebtedness, coupled with the lack of refinancing options in today's constrained credit markets, have limited our ability to restructure using out-of-court vehicles, leaving Bally with no alternative other than the actions announced today."

He added, "The chapter 11 process provides the best means for Bally to emerge a stronger, healthier company. With the opportunity to restructure our balance sheet and significantly reduce our indebtedness, Bally will have the ability to invest in our clubs and fund future expansion, which will ultimately benefit members and all stakeholders."

"Bally will remain a strong national brand and industry leader, serving over 3.1 million members from coast to coast."

Bally has retained Kramer Levin Naftalis & Frankel LLP as bankruptcy counsel and Houlihan Lokey Howard & Zukin as financial advisors.

For additional information on Bally's chapter 11 filing, please visit www.kccllc.net/Bally or call toll free 888-251-3046.

About Bally Total Fitness

Bally Total Fitness is among the largest commercial operators of fitness centers in the U.S., with 347 facilities operating under the Bally Total Fitness(R) and Bally Sports Clubs(R) brands. Bally offers a unique platform for distribution of a wide range of products and services targeted to active, fitness-cons
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SOURCE Bally Total Fitness Corporation
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