Chicago — When Bally Total Fitness made its official announcement earlier this month that it had completed its emergence from its second bankruptcy in less than two years, the Chicago-based company released the names of the people who will serve on its board, anchored by CEO Michael Sheehan.

Joining Sheehan and current board members Eugene I. Davis and Timothy J. Bernlohr on Bally's reorganized board of directors are Kevin J. Corgan and Michael Kerrane of JP Morgan Chase Bank, Daniel Allen and Aaron N. Rosenstein of Anchorage Advisors LLC, and Fredric F. Brace, a retired executive from United Airlines.

In the reorganized Bally, JP Morgan and Anchorage own a majority interest in Bally's equity, reflected in a combined four appointments between the two companies to its board. Bally's approved reorganization plan will enable it to reduce its debt by approximately $700 million to less than $100 million.

“Bally is moving in the right direction as we continue to systematically improve every aspect of this company,” Sheehan said in a statement. “With the dramatic restructuring of our balance sheet and improved financial performance, Bally is now positioned to put 100 percent of our energy towards improving the customer experience and growing our business.”