YouFit gets court approval of up to $31.8 million DIP loan package

By Sarah Lizee

Olympia, Wash., Dec. 4 – YouFit Health Clubs, LLC received final court approval to access an up to $31,795,518 senior secured superpriority revolving credit facility, according to an order filed Friday in the U.S. Bankruptcy Court for the District of Delaware.

Alter Domus (US) LLC is the administrative agent.

Of the facility’s amount, $10,598,506 is new money and up to $21,197,012 is a rollup of the pre-petition liabilities, as previously reported.

Interest will be 13.5% per year.

The facility will mature on the earlier of the closing date of the bankruptcy sale and 50 days after the petition date.

YouFit also secured court approval to use the cash collateral of its pre-petition secured lenders.

YouFit is a gym chain with headquarters in Deerfield Beach, Fla. The company filed Chapter 11 bankruptcy on Nov. 9 under case number 20-12841.

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