Equinox Group has obtained $255 million in new financing commitments from some of its lenders and owners, as the cash-strapped gym chain seeks to bolster its liquidity, The Wall Street Journal reports, citing people familiar with the matter.
Lenders extending new financing include Bank of America, Citigroup Inc., and Goldman Sachs Group Inc., these people said. Executives at property developer Related Cos. who own a stake in Equinox are also providing funds, according to the sources.
Equinox has been in merger talks with Ares Acquisition. Ares raised $870 million in a February IPO. Read more.
