Blink Holdings, Inc. (Blink Fitness) is an Equinox-owned value-priced fitness club chain founded in 2011, operating 101 clubs (94 corporate-owned, 7 franchised) with approximately 443,000 members and 2,074 employees as of August 2024. The company filed Chapter 11 petitions in Delaware on August 12, 2024 (Case No. 24-11686, Judge J. Kate Stickles) following a nine-month COVID-19 closure in 2020 that created deferred rent obligations, reduced consumer demand, and combined with underlying prepetition debt of $280.8 million (including $161.4M secured debt from Varagon-led senior facility maturing Nov 8, 2024, and $103.5M unsecured debt from Equinox at 13% PIK). The debtors obtained $73.5M in DIP financing ($21M new money + $52.5M roll-up) at 15% PIK with 3% closing fee, and executed a court-supervised 363 asset sale process resulting in the core portfolio (up to 67 NY/NJ/PA locations) selling to Pinnacle US Holdings (PureGym) for $121M (Nov 2024) and non-core assets (Chicago, Houston, California locations) selling to Lotemd Fit LLC (JTRE Holdings affiliate) (Nov 2024). A liquidating plan was confirmed on February 28, 2025, with prepetition secured lenders projected to recover 30%-35%, general unsecured creditors receiving 0%, and equity receiving nothing.