Linklaters, Kirkland & Ellis and Dickson Minto have all taken advisory roles as troubled gym chain Fitness First attempts to secure a rescue deal ahead of a potential takeover.

Investment fund managers Oaktree Capital Management and Marathon, which are being advised by Linklaters London restructuring partner Yushan Ng, have acquired more than 75% of Fitness First's debts and are expected to agree a debt for equity swap to take control of the gym chain after it missed an £18m interest payment last month.

Fitness First's private equity owner BC Partners is working with longstanding corporate adviser Dickson Minto, where senior partner Alastair Dickson is in the lead role.

The buyout house has also installed Chris Stone – former chief executive of software company Northgate Information Solutions – as chief executive to lead Fitness First through the restructuring.

Stone recently told the Financial Times that the gym chain could potentially use a company voluntary arrangement to cut rental payments to help it to deal with underperforming parts of the business.

Fitness First is working with a London-based team at US law firm Kirkland led by restructuring partner Kon Asimacopoulos.

BC Partners bought Fitness First from Cinven in 2005 for £835m, with Dickson Minto, Freshfields Bruckhaus Deringer and Macfarlanes taking the key roles. Freshfields corporate partner David Higgins advised Cinven, while Macfarlanes corporate partner Nicola Richards advised Fitness First.