Town Sports International Holdings, Inc. is contemplating filing for bankruptcy, as of September 1, 2020. According to company press release, Town Sports International Holdings, Inc. said that due to Company’s strained cash position and current inability to repay all amounts outstanding under the 2013 Term Loan Facility and 2013 Revolving Loan Facility, and the challenges of COVID-19, the company may be forced to file a petition for relief under the United States Bankruptcy Code in the near future. The Company expects that it will need to raise up to approximately $80 million in financing to fund the costs associated with the bankruptcy filing, professional fees in connection with the bankruptcy and to cover operating shortfalls.