24 Hour Fitness entered into a restructuring support agreement with lenders holding approximately 73% of the company’s secured debt and approximately 65% of the company’s senior unsecured notes. The restructuring will reduce $1.2 billion dollars of funded debt.

The U.S. Bankruptcy Court for the District of Delaware approved the first day motions related to 24 Hour Fitness’ voluntary Chapter 11 filing, including access to $250 million in debtor-in-possession financing.

FTI Consulting is acting as restructuring advisor for 24 Hour Fitness, which filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. 24 Hour Fitness expects to secure $250 million in debtor-in-possession financing.