AMF Bowling Reaches Restructuring Agreement To Significantly Reduce Its Debt And Strengthen Balance Sheet
Fred Hipp, AMF's President and Chief Executive Officer, said, "Over the last several years, Steve and his operations team have worked hard to improve our bowling centers and operations. AMF is now well-positioned to take full advantage of this restructuring. We're committed to making AMF a truly great company, for both the bowling public and our employees."
Satterwhite added, "This legal process provides us with the opportunity to resolve our financial challenges, and it should be virtually seamless going forward for our customers, suppliers and employees. AMF is open for business and our bowling centers are serving customers as usual, with our centers staff focused on providing the best possible bowling experience."
AMF has secured a commitment for debtor-in-possession (DIP) financing from certain of its existing first lien secured lenders for $50 million. Subject to Court approval, these funds will be available to satisfy obligations associated with conducting AMF's business, including payment for goods and services provided after the filing.
AMF has filed customary "First Day Motions" with the Bankruptcy Court, which, if granted, will help ensure a smooth transition to Chapter 11 without business disruption and minimize adverse impact on AMF's employees, customers, suppliers and vendors. The motions are expected to be addressed promptly by the Court.More information about AMF's restructuring is available at www.AMF.com/restructuring. Court filings and claims information are available at www.kccllc.net/AMF. Information for suppliers and vendors is available toll-free at 1-866-967-0495 or 1-310-751-2695 for callers from outside the U.S. and Canada, or by email at AMFInfo@kccllc.com. QubicaAMF, in which AMF holds a fifty percent (50%) investment, is not included in the filing and continues to operate outside of the U.S. bankruptcy process, without interruption. AMF's legal advisors for the Chapter 11 proceedings are Kirkland & Ellis LLP and McGuireWoods LLP, its restructuring advisor is McKinsey & Co., and its financial advisor is Moelis & Company, Inc.
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