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Meridian Sports Clubs LLC, North Hills, CA, has completed its reorganization and exited Chapter 11 bankruptcy with new owners and financing.
The announcement was made last week by Praesidian Capital, the New York-based private equity firm. Under the reorganization plan, Meridian exchanged debt for equity held by an affiliate of Praesidian Capital and an affiliate of another lender. The new financing includes a $7.5 million term loan extended in part by Praesidian and a $4.5...