Angelo Gordon Closes Deal for Crunch Fitness

Angelo Gordon & Company has received bankruptcy court approval for its acquisition of bankrupt Crunch Fitness. The deal was structured as a $40 million credit bid and included terms that would shield Angelo Gordon from lawsuits for its involvement with Crunch and an alleged inside deal. The company plans to exit bankruptcy in the middle of September with 19 clubs and a focus on growth in its core markets of New York, San Francisco, Los Angeles and Miami.