BFT Foley Trasimene Acquisition Corp II

Company Seeking Noteholder Waivers of Previously Announced Defaults Under its Senior and Senior Subordinated Note Indentures by May 14, 2007 CHICAGO, April 25 /PRNewswire-FirstCall/ -- Bally Total Fitness (NYSE:BFT), one of the largest operators of fitness centers in the U.S., today reported that it has negotiated the form of limited waiver and forbearance arrangements with advisors representing the Ad Hoc Committee formed by holders of its 10-1/2% Senior Notes due 2011 and 9-7/8% Senior Subordinated Notes due 2007. As previously announced, the waivers relate to the Company's inability to timely file its 2006 Annual Report on Form 10-K with the Securities and Exchange Commission and the Company's non-payment of interest on its Senior Subordinated Notes, both of which are defaults under the indentures governing the notes. The Company has requested that noteholders waive these defaults and forbear from exercising any related remedies until July 13, 2007 on terms similar to the recently executed forbearance agreement under the Company's senior secured credit facility. As previously announced, the Company does not intend to pay a fee to the noteholders in connection with these waiver and forbearance arrangements. As previously announced, the Ad Hoc Committee represents certain holders of the Senior Notes and the Senior Subordinated Notes, and has retained Houlihan Lokey Howard & Zukin Capital as financial advisor and Akin Gump Strauss Hauer & Feld, LLP as counsel. The Company and its advisors have met with the advisors to the Ad Hoc Committee and have negotiated the form of the limited waiver and forbearance arrangements under the indentures governing the notes. The forbearance agreement under the Company's senior secured credit facility requires that forbearance arrangements be in place with respect to each series of notes by May 14, 2007. Holders of the notes are referred, and questions concerning the detailed terms and conditions of the waiver and forbearance arrangements should be directed, to Houlihan Lokey, 255 South Sixth Street, Suite 4950, Minneapolis, MN 55402-4304, Attention: Brad Geer or via phone at (612)-338-2910. Holders of the notes may also contact the Company's financial advisor, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY 10022, Attention: Thomas Carlson or via phone at (212)-284-2045 for copies of the proposed forbearance agreements. This announcement is not an offer to purchase or sell, a solicitation of an offer to purchase or sell or a solicitation of consents with respect to any securities. Notwithstanding Bally's intention to seek waivers from the noteholders, no assurance can be given that discussions with noteholders will result in any agreement favorable to Bally. About Bally Total Fitness Bally Total Fitness is among the largest commercial operators of fitness centers in the U.S., with nearly 400 facilities located in 29 states, Mexico, Canada, Korea, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally offers a unique platform for distribution of a wide range of products and services targeted to active, fitness-conscious adult consumers. Forward-Looking Statements Forward-looking statements in this release including, without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions, and adequacy of resources, are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These statements are based on beliefs and assumptions by the Company's management, and on information currently available to management. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events. In addition, these forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors are described in filings of the Company with the SEC, including the Notification of Late Filing on Form 12b-25 filed on March 15, 2007. DATASOURCE: Bally Total Fitness CONTACT: Matt Messinger of Bally Total Fitness, +1-773-864-6850 Web site: http://www.ballyfitness.com/

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