Did you hear?...Precor largest industry creditor in former Leisure Fitness’ forced bankruptcy

Statements of financial affairs have been filed in the involuntary bankruptcy case against the former Leisure Fitness business. They show total assets of $8.8 million and total liabilities of $11.5 million.
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Statements of financial affairs have been filed in the involuntary bankruptcy case against the former Leisure Fitness business.

Management had received an extension to Dec. 11, 2008 from the U.S. Bankruptcy Court, District of Delaware, to file its various statements and financial documents. The statements were filed Feb. 26, 2009.

They show total assets of $8.8 million and total liabilities of $11.5 million.

Among fitness industry suppliers listed as unsecured creditors with non-priority claims, Precor is the only company that hit seven digits as a creditor. Its debt is shown in the court documents as $2,793,564 million, with an additional debt of $171,890 due CardioTheater-Precor. The second-highest industry debt is to Vision Fitness of $662,252, with Matrix Fitness third on the unsecured list with a debt of $95,503.

The next three are: Intek, $55,181; Nautilus, $52,171; and, Keys Fitness, $42,959, which is also now bankrupt with assets sold off -- the court closed the case Jan.15, 2009. Click here to read about Keys assets being sold in a Nov. 17, 2008 SNEWS® story, "Keys Fitness ownership seeks court approval to sell all assets."

A meeting of Leisure Fitness creditors is set for April 1 at 3 p.m. at 844 King St., Wilmington, Del.

Additional hearings are set for April 13, May 12 and June 9, as needed.

Leisure Fitness, with 19 stores and a 13-year-old business, was forced into bankruptcy Sept. 19, 2008. Click here to read that SNEWS story, “Leisure Fitness closes doors after involuntary Ch. 7 bankruptcy filing.”

On Oct. 23, the court denied its motion to dismiss the case, setting the wheels rolling on the business’s dismantling. Click here to read an Oct. 6, 2008 SNEWS story, “Leisure Fitness moves to dismiss involuntary Ch. 7 -- claims ‘bad faith,’ attempt to take over company," and click here to read about the court’s denial in an Oct. 27, 2008 SNEWS story, “Leisure's motion to dismiss involuntary Ch. 7 denied; bank moves forward to sell assets, recoup losses.”

--Therese Iknoian

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