YouFit Health Clubs secures approval to sell assets to DIP lenders

By Sarah Lizee

Olympia, Wash., Dec. 30 – YouFit Health Clubs, LLC received court approval to sell substantially all of its assets to stalking horse bidder YF FC Acquisition, LLC, an acquisition vehicle created by the debtor-in-possession lenders, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Under the stalking horse purchase agreement, the buyer agreed to provide $85 million payable in the form of a credit bid, plus assumption of DIP obligations and pre-petition obligations, and the assumed liabilities.

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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