Jefferies represented Chicago-based Bally Total Fitness in the successful recapitalization of the company during the fourth quarter of 2007. Bally is the largest fitness and health club operator with more than 375 facilities located in the US as well as internationally. Jefferies was initially engaged to assist Bally given the Firm's reputation for creative financing solutions and execution skills. Harbinger Capital Partners Master Fund I, along with affiliates, completed the acquisition of Bally by injecting approximately $230 million of new capital to pay down existing debt and provide growth capital for the company. As a result, Bally gained a strong financial partner and is positioned to be an effective brand leader in the full-service fitness center industry. The transaction demonstrated the breadth of Jefferies' capabilities and ability to work with companies in all phases of growth and transition, as well as its strength in guiding and supporting companies through complex restructurings.