Overview
United PF Holdings, which operates the largest number of Planet Fitness gyms and is controlled by private equity firm American Securities, is engaged in negotiations with its lenders over a possible debt-for-equity swap that would transfer ownership to creditors, people familiar with the matter said.
Restructuring talks and upcoming maturities
The discussions are part of a broader restructuring effort to handle looming debt maturities. A first-lien loan is scheduled to come due in December, followed by a second-lien loan with a 2027 maturity. Those timing pressures have helped drive conversations about alternatives to the current capital structure.
Advisors and creditor groups
United PF has engaged outside advisors in the process. The company has been working with Evercore Inc. and law firm Kirkland & Ellis LLP. A group of existing term loan lenders has retained Lazard Inc. and Gibson Dunn & Crutchet LLP, while a cohort of second-lien lenders is being advised by Perella Weinberg Partners and Paul Hastings LLP, according to people familiar with the situation.
Payment standstill and forbearance
United PF entered into a forbearance agreement with multiple creditor classes after it skipped interest payments that were due on April 30. That forbearance arrangement provides temporary relief while parties negotiate possible long-term solutions for the companys debt load.
Current status
Negotiations are ongoing and no definitive agreement has been reached. The proposed debt-for-equity transaction would, if finalized, result in the lenders taking control of United PF, but the outcome remains uncertain as talks continue.
Additional context and next steps
All parties continue to negotiate, and the situation could change as advisors and creditor groups work toward a resolution. Given the outstanding maturities and the forbearance agreement, the company and its lenders are in active discussions but have not settled on a course of action.