Archive for March, 2012
Coaching for gays: Success, sexuality and Relationship – Video
Posted: March 18, 2012 at 11:54 pm
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Coaching for gays: Success, sexuality and Relationship - Video
Scott Epp – Motivational Speaker, Professional Life Coach, Seminar and Workshop Leader – Video
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Scott Epp - Motivational Speaker, Professional Life Coach, Seminar and Workshop Leader - Video
Life Coaching with NLP – Video
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Life Coaching with NLP - Video
Crunch It Abs Workout – Body Weight – Video
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My Health
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My Health
Prepper Health and Fitness – Video
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Prepper Health and Fitness - Video
Fitness First poised to be saved through debt-for-equity swap
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The largest health club group in the world - Fitness First - is said to be close to being rescued by a private investment fund
Sunday, March 18, 2012 8:58 PM
THE largest health club group in the world - Fitness First - is close to being rescued by a private investment fund as it buckles under a 550 million debt burden.
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The gym chain, which employs 13,000 people and has 1.2 million members worldwide, is set to fall under the control of Oaktree Capital, the Mail on Sunday said.
Oaktree, which has reportedly been buying up the chains debt and now owns more than a third, is in talks with Fitness Firsts private equity backers BC Partners over a debt-for-equity deal.
Fitness First, which has 430 clubs worldwide, including 140 in the UK at locations including Colchester and Chelmsford, recently warned that it was unlikely to make an 18 million interest payment due this month.
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Fitness First poised to be saved through debt-for-equity swap
Fitness First ‘close to rescue’
Posted: at 11:53 pm
The largest health club group in the world Fitness First is close to being rescued by a private investment fund as it buckles under a 550 million debt burden.
The gym chain, which employs 13,000 people and has 1.2 million members worldwide, is set to fall under the control of Oaktree Capital, the Mail on Sunday said.
Oaktree, which has reportedly been buying up the chains debt and now owns more than a third, is in talks with Fitness Firsts private equity backers BC Partners over a debt-for-equity deal.
Fitness First, which has 430 clubs worldwide, including 140 in the UK, recently warned that it was unlikely to make an 18 million interest payment due this month.
A debt-for-equity swap will see Oaktree take a majority share but will allow BC Partners to keep part of its stake, which might lessen its losses in Fitness First.
BC Partners paid 835 million for Fitness First in 2005, which it has already mostly written off after the company racked up millions of pounds of debts.
Fitness First, along with rival LA Fitness, has found revenues squeezed in recent months because consumers are spending less and budget gym operators are growing.
The chain was paying 144 million in interest on its borrowings each year on revenues of 636 million, it was reported.
BC Partners fired the companys top management team as part of an overhaul, including chief executive Colin Waggett, finance director Duncan Tatton-Brown and UK managing director John Gamble.
Rothschild and veteran restructuring consultant Donald Featherstone, European head of the turnaround practice AlixPartners, were hired as advisers on its negotiations with lenders. BC Partners was forced to pull a planned 1 billion Singapore listing in 2011 after 17 of the 20 previous flotations tanked below their flotation listing price.
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Fitness First ‘close to rescue’
Chael Sonnen Hosts Anderson Silvas Retirement Party – Video
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Chael Sonnen Hosts Anderson Silvas Retirement Party - Video
The retirement crisis: Even when we need to work longer, many of us can't
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Here's our retirement crisis in a nutshell: Americans realize that they need to work longer and save more, but in many cases they can't.
Reality intrudes in the form of layoffs, a chronically weak job market and sometimes poor health. Having skimped on saving in their younger years, folks know they should stay on the job well past age 65, but then they're forced to quit sooner.
In the Employee Benefit Research Institute's annual retirement confidence survey, 37 percent of respondents said they intend to work past 65. That's up from just 11 percent in 1991, which means that a generation of workers has largely discarded their parents' notion of a traditional retirement age.
When the EBRI talked to retirees, though, half said they had left the work force unexpectedly. Often, having to leave ahead of schedule led to worries about having enough money to cover even basic expenses.
In another mismatch between expectations and reality, 70 percent of workers think they'll work a part-time job in retirement, but only 27 percent of current retirees are doing so. A lot of people, then, are counting on income that won't be there when they need it.
Folks do realize that they may have to cut back. Only 14 percent of workers expressed confidence that they'll be able to afford a comfortable retirement. When pollsters asked about paying for medical expenses and long-term care, the very confident number falls as low as 9 percent.
The insecure majority of workers aren't just being worrywarts, either. They're responding to some very troubling trends in the economy.
The level of job insecurity is something we hadn't found before, said Craig Copeland, a senior research associate at the EBRI. We are seeing that even people with jobs feel that a lack of job security is one of the biggest concerns they have.
Furthermore, even people who have good jobs probably don't have a traditional pension plan, at least not in the private sector. Most of us are responsible for our own retirement security.
And most of us are falling short. More than 60 percent of workers, and 55 percent of retirees, have less than $25,000 in any form of savings, the EBRI found. That's not much, considering that many folks can expect to live 20 years or more in retirement.
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The retirement crisis: Even when we need to work longer, many of us can't