Bally Fitness Powers Up the Charts
Shares of Bally Total Fitness Holding Corp. (Pink Sheets: BFTH) ballooned up today after news of its restructuring surfaced. In mid-day trading, BFTH was up 29 cents (66 percent) to 73 cents per share on volume of 3,599,589 shares. 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…