Bally Total Fitness Holding Corp. said Wednesday that its new auditor, KPMG, will need more time to review the company's financial statements for 2002-2004.

If an extension is not granted to the July 31 deadline, the gym operator said that it would be in default on its notes. The company will seek an extension from public noteholders giving Bally until Oct. 31 to disclose the results. The initial waivers were granted last December, after an audit committee investigation turned up numerous errors in past accounting.

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