United PF Holdings, the largest operator of Planet Fitness gyms, is negotiating a potential debt-for-equity swap with some lenders that could hand ownership of the company to creditors, Bloomberg reported Tuesday, citing people familiar with the matter.
The restructuring discussions aim to address upcoming debt maturities, including a $525 million first-lien loan due in December and a second-lien loan maturing in 2027. The company entered a forbearance agreement after skipping interest payments due April 30, according to Moody's.
Bloomberg said negotiations are ongoing and no final decision has been made. United PF, owned by American Securities, operates gyms serving about 1.2 million members across 14 states.
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