A&B Acts for Extreme Fitness
Aird & Berlis LLP acted in connection with the recent restructuring and sale of Extreme Fitness. A&B had been acting for the majority equity stakeholders of Extreme Fitness for many years. Due to financial statement presentation matters, which materially incorrectly presented the financial health of the business, the viability and value of the business became untenable. A restructuring attempt including senior secured lenders, the secured subordinate lenders and the equity stakeholders was not successful. The business was ultimately sold to GoodLife Fitness Centres in the context of proceedings commenced by Extreme Fitness under the Companies’ Creditors Arrangement Act.
The A&B team was led by Martin Kovnats (Capital Markets/Corporate Finance) and included Louis Amato-Gauci (Corporate), Ian Aversa and Steven Graff (Financial Services) and Barbra Miller (Employment).