Meridian Sports Clubs California LLC, former operator of the Honolulu Club on Ward Ave., has emerged from the Chapter 11 bankruptcy reorganization case it filed in October.

Meridian vacated the Honolulu Club in May and now operates Island Club and Spa at the Ko‘olani condo at 1177 Queen Street.

Under the reorganization plan, Meridian exchanged debt for equity which is held by an affiliate of Praesidian Capital, a provider of mezzanine capital for small and mid-sized companies, as well as an affiliate of another mezzanine lender that was not identified in a news release.

The new financing includes a $7.5 million term loan extended in part by Praesidian and a $4.5 million revolving credit facility with Praesidian.