---
title: "Lenders to Planet Fitness Operator in Talks to Take Ownership"
url: https://burnaze.com/article/97512a51-6983-4225-9140-ba401809b378
source: "Athletech News"
original_url: https://athletechnews.com/lenders-to-planet-fitness-operator-in-talks-to-take-ownership/
author: "Reshmi Basu"
category: "Gym & HVLP"
industry: "Fitness"
segment: "Gym & HVLP"
published: 2026-07-08T14:11:16.000Z
modified: 2026-10-31T13:18:38.230Z
image: https://athletechnews.com/wp-content/uploads/2023/04/Planet-Fitness_2.jpeg
---

# Lenders to Planet Fitness Operator in Talks to Take Ownership

**TL;DR:** United PF Holdings, the largest operator of Planet Fitness gyms, is in talks with lenders to potentially swap debt for equity, which would result in lenders taking ownership of the company. The company, owned by American Securities, is facing a rapid succession of debt maturities, including a first-lien loan maturing in December.

*By Reshmi Basu, originally published in Athletech News on 2026-07-08. [Read the original](https://athletechnews.com/lenders-to-planet-fitness-operator-in-talks-to-take-ownership/).*

## Story

Bloomberg — United PF Holdings, the largest operator of Planet Fitness gyms, is negotiating a potential deal with some lenders to swap their existing debt for equity in the company, according to people familiar with the matter.

The American Securities-owned fitness operator and its creditors have been engaged in restructuring talks to tackle a rapid succession of debt maturities, including a first-lien loan maturing in December, followed by a second-lien loan due in 2027.

The potential debt-for-equity transaction would amount to lenders taking ownership of United PF. Still, negotiations are ongoing and no final decision has been made.

United PF has been working with Evercore Inc. and Kirkland & Ellis LLP, while a group of existing term loan lenders retained Lazard Inc. and Gibson Dunn & Crutchet LLP, Bloomberg reported in March. Meanwhile, a group of second-lien lenders are advised by Perella Weinberg Partners and Paul Hastings LLP, said other people, who asked not to be identified discussing a private matter.

Representatives for American Securities, Evercore, Kirkland, Lazard, Gibson Dunn, Perella Weinberg and Paul Hastings didn’t immediately respond to requests for comment.

The gym operator entered into a forbearance agreement with various creditor classes after skipping interest payments due April 30, according to a May credit report by Moody’s Ratings.

Its $525 million first-lien term loan due this year is quoted at around 89 cents on the dollar, according to data compiled by Bloomberg.

The Texas-headquartered company serves around 1.2 million members in 14 states, according to American Securities.

## Entities

- Fitness (sector)
- Athletech News (publication)
- private equity (topic)
- Planet Fitness (company)
- gym operations (topic)
- debt restructuring (topic)
- ownership transfer (topic)
- Kirkland & Ellis LLP (company)
- Evercore (company)
- Paul Hastings LLP (company)
- Moody's Ratings (company)
- United PF Holdings (company)

---
Originally reported by Reshmi Basu, Athletech News (https://athletechnews.com/lenders-to-planet-fitness-operator-in-talks-to-take-ownership/). Summarized by Burnaze (https://burnaze.com/article/97512a51-6983-4225-9140-ba401809b378).