Blink Fitness faces potential acquisition by Planet Fitness in the 11th hour.

• According to court filings viewed by CNBC, Blink Holdings, a bankrupt budget-fitness chain, is being sought after for acquisition by Planet Fitness.
• PureGym emerged victorious in a bankruptcy auction against Planet Fitness, a U.S.-based fitness chain.
• In August, Blink Fitness, a gym chain owned by Equinox Group, filed for bankruptcy after an unsuccessful attempt by the luxury fitness company to penetrate the budget-friendly market.

According to court filings viewed by CNBC, Blink Holdings, a bankrupt budget-fitness chain, is being sought after for acquisition by someone.

Planet Fitness, a U.S. fitness chain with a public market valuation of roughly $6.8 billion, previously lost out in a bankruptcy auction against PureGym, a U.K.-based, privately held fitness chain. Now, Planet Fitness is making another attempt.

Blink Fitness, a gym chain owned by Equinox Group, filed for bankruptcy in August after a failed attempt to enter the budget-friendly market. Its more than 100 fitness centers are currently tied up in bankruptcy court.

Blink's 60 gyms in New York and New Jersey were acquired by PureGym for $121 million in a bankruptcy auction last week, according to filings.

PureGym's U.S. operations will expand with the acquisition of Blink locations, following the company's entry into the market in 2021.

CNBC reported that Planet Fitness's initial bid was rejected due to antitrust concerns, as sources close to the matter revealed. The fitness club chain currently holds a substantial market share with over 2,000 clubs across the U.S., according to estimates by Piper Sandler.

According to filings, Planet Fitness has submitted two offers for a subsequent play for Blink.

A proposal has been made for $142 million in exchange for Blink's assets, including a $28.4 million deposit, but only if Planet Fitness is not obligated to address antitrust issues prior to the transaction.

The second proposal enhances the offer to $155 million by adding a $31 million deposit and proactively submitting regulatory filings to address antitrust issues.

The Delaware bankruptcy court will consider new bids at a hearing on Wednesday at 11 a.m. ET.

Planet Fitness did not return request for comment from CNBC.