Bangkok Post Article: http://www.bangkokpost.com/breakingnews/290566/california-wow-faces-bankruptcy-suit
- California WOW Xperience Plc (CAWOW), one of the main fitness operators in Thailand, is being sued in the bankruptcy court by Bangkok Bank Plc, reports said on Thursday.
Photo above of the fitness center CaliforniaWOW Women, developed at a cost of 160 million baht, opened in 2006 on Sukhumvit 31 but has since closed.
The fitness centre company yesterday reported the bankruptcy lawsuit to the Stock Exchange of Thailand (SET).
Bangkok Bank, the creditor, filed a lawsuit after the company was unable to service debts totalling 75.87 million baht (debt of Bt71.90 million and default interest of Bt3.97 million).
This accounts for 9.05 per cent of the company's total assets as of Dec 31 last year, Bt 838.79 million.
According to CAWOW's report, the lawsuit will cause difficulties for the company to acquire future bank financing.
The report said CAWOW, founded by Eric Lavine, "is continuing to make progress on the existing rehabilitation plan".
There have been consumer complaints about the company, which sells lifetime memberships but regularly closes facilities. Members have also complained about below standard services and breach of contract details, reports said.
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