California WOW: Slow death for fitness operator? | Bangkok Post: learning

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California WOW: Slow death for fitness operator?

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Years of consumer complaints over broken contracts & below standard services may be ending in bankruptcy court as Bangkok Bank sues. 

California Wow

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California WOW faces bankruptcy suit

26/04/2012

California WOW Xperience Plc (CAWOW), one of the main fitness operators in Thailand, is being sued in the bankruptcy court by Bangkok Bank Plc. 

The fitness centre company on Wednesday 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 Levine," 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, according to the Office of the Consumer Protection Board (OCPB). 

Photo above of the fitness centre CaliforniaWOW Women, developed at a cost of 160 million baht, opened in 2006 on Sukhumvit 31 but has since closed. 

(Source: California WOW faces bankruptcy suit, 26/04/2012, link
 
Bankruptcy Vocabulary

bankruptcy - business failure and death; when a company does not have enough money to pay their debts and continue in business; assets usually sold off to pay off debts (See Wikipedia)
bankruptcy court - the court of law that handles bankruptcy cases

Office of the Consumer Protection Board (OCPB) - the government agency that protects consumers, makes sure that companies do not lie to them and cheat them, the government agency that received a lot of complaints about California WOW (See website and previous article)
consumer - someone who buys and uses goods and services ผู้บริโภค

lawsuit
- a case that a court of law is asked to decide involving a disagreement between two people or organisations คดีที่อยู่ในระหว่างการฟ้องร้อง
bankruptcy lawsuit
bankruptcy suit - Same as "bankruptcy lawsuit"
file - to take official action, e.g., to make a formal complaint ยื่นฟ้องร้อง
file a lawsuit
sue - Same as "file a lawsuit"
being sued in the bankruptcy court

California WOW Xperience -
(See Wikipedia and SET)
California WOW faces bankruptcy suit

fitness - a general state of good health, usually as a result of exercise and nutrition, also called "physical fitness" (See Wikipedia)
exercise  - activities such as stretching, aerobic exercise such as cycling, swimming, walking, skipping rope, rowing, running, hiking or playing tennis, focus on increasing cardiovascular endurance, anaerobic exercises, such as weight training or sprinting and high-intensity interval training, increase short-term muscle strength, also called "physical exercise" (See Wikipedia)
operators - a company doing a certain kind of business
fitness centre - a place where people can go to exercise
fitness operators - companies that run fitness centres as their business

California WOW Xperience Plc (CAWOW), one of the main fitness operators in Thailand, is being sued in the bankruptcy court by Bangkok Bank Plc.  The fitness centre company on Wednesday reported the bankruptcy lawsuit to the Stock Exchange of Thailand (SET).

creditor - someone who money is owed to เจ้าหนี้
debt - an amount of money that you owe, money borrowed from other people or a bank that must be paid back หนี้
service debt - make payments to pay back a debt or loan
default - failure to repay a debt การผิดสัญญา when a borrower fails to pay borrowed money on time
interest - payments made for the use of another's money for a period of time
default interest - the extra interest that must be paid by a borrower as a penalty when they fail to make payments on time (default)
assets - things owned, especially property and money สินทรัพย์

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.

acquire
- to get; to obtain ได้มาซึ่ง
acquire future bank financing - get a bank loan in the future
cause difficulties to acquire future bank financing - make it difficult to get a bank loan in the future
the lawsuit will cause difficulties for the company to acquire future bank financing

progress - completing tasks that move you towards achieving a goal;  advance, go forward  ความก้าวหน้า
make progress - complete tasks that move you towards your goal
rehabilitation - improve condition so that it can operate again; the process of returning someone or something to a good or healthy condition, state or way of living การทำให้กลับสู่สภาพเดิม, การทำให้กลับมาดีเหมือนเดิม
rehabilitation plan
make progress on the existing rehabilitation plan - do the things you agreed to do in a rehabilitation plan

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 Levine," is continuing to make progress on the existing rehabilitation plan.

complaints - when people say there is something wrong and they want it changed
consumer complaints - when people who buy something are not happy with their purchase and tell people about it
complained about below standard services
standard - a certain high level of quality or achievement (that is measurable) ซึ่งเป็นมาตรฐาน, มาตรฐาน
below standard
services - บริการต่างๆ things produced in service industries, not a physical good that can be bought, a waitress and a cook in a restaurant provide a service, technically: a sequence of activities that does not result in ownership of the outcome (See Wikipedia on services and the goods and services continuum)
below standard services
lifetime memberships
regularly - done often, done all the time
facilities - the buildings, equipment and services provided for a particular purpose (for example, athletics facilities) สิ่งอำนวยความสะดวก สถานที่และสิ่งอำนวยความสะดวก
regularly closes facilities

breach
- break a promise or agreement; failure to follow a law, rule or term of agreement การละเมิดกฎข้อบังคับ
contract - a written (or oral) agreement that is legally binding สัญญา
breach of contract - not following the details of a contract (terms of contract), breaking a contract

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, according to the Office of the Consumer Protection Board (OCPB).  Photo above of the fitness centre CaliforniaWOW Women, developed at a cost of 160 million baht, opened in 2006 on Sukhumvit 31 but has since closed.

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