New Chief Restructuring Officer Has Been Appointed To Reorganize Bikram Yoga
SANTA BARBARA, Calif., Nov. 13, 2017 /PRNewswire/ -- Bikram's Yoga College of India and certain affiliates (the "Company") filed for protection under chapter 11 of the Bankruptcy Code in Santa Barbara, California on November 9th, 2017 as the Company struggled with mounting liabilities.
The Company has appointed Anthony John A. Bryan, CEO of The Watley Group, LLC, a Los Angeles based restructuring and bankruptcy specialist, as Chief Restructuring Officer. Mr. Bryan has been granted complete independence and authority to investigate claims, make recoveries, turnaround the company, and file a Plan of Reorganization. After a review of strategic options, the Company will implement a restructuring and turnaround plan designed to maximize benefit for all constituents including shareholders, creditors, judgements holders, and most importantly, the Bikram community.
"My plan is to reorganize and rebuild the Bikram brand since at this stage, we believe the liquidation value is far less than the value as a reorganized entity. As we rebuild a new and stronger Bikram Yoga, we look forward to the help and support of the Bikram community and assure them the new and reorganized Company will celebrate the benefits of Bikram Yoga and expand the community we are honored to serve," Mr. Bryan commented.
Levene Neale Bender Yoo and Brill has been appointed restructuring counsel.
Affeld Grivakes has been appointed special litigation counsel.
ABOUT BIKRAM YOGA:
Bikram Yoga's new mission is to introduce the world to the transformative benefits of yoga, and in the process, create a global wellness-brand that delivers world class products and services to a community accessible to everyone. Critical to our success is rebuilding financial stability, unparalleled customer service, superior growth, and uncompromising integrity in everything we do.
SOURCE Bikram Yoga
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