Bally Fitness (BFTH.PK) Powers Up the Charts
Shares of Bally Total Fitness Holding Corp. (Pink Sheets: BFTH) are down 11 cents, or 13 percent to 70 cents after soaring Friday morning after news of its restructuring surfaced.BFTH announced that its board of directors has received a letter from current shareholders Liberation Investments L.P., Liberation Investments Ltd., Harbinger Capital Partners Master Fund I Ltd. and Harbinger Capital Partners Special Situations Fund L.P., which proposes an alternate chapter 11 plan of reorganization for the company. BFTH is engaging in discussions with these shareholders and will provide due diligence access to these shareholders for the purposes of their proposal being…