AMF Bowling to restructure, files for Chapter 11
5 minutes ago
(AP:RICHMOND, Va.) Bowling center operator AMF Bowling Worldwide says it has filed for Chapter 11 bankruptcy so it can implement a pre-arranged restructuring agreement.
Virginia-based AMF announced the bankruptcy filing and the agreement Tuesday morning. The agreement is with a majority of the company's first lien lenders and the landlord of a majority of its bowling centers.
AMF says in a news release that it expects to complete the restructuring and leave Chapter11 in about five months.
The company says the restructuring will eliminate a significant amount of outstanding debt.
Chief financial officer and chief operating officer Steve Satterwhite says the company needs financial flexibility to improve its bowling centers and make other long-term investments.
Bowling centers will continue normal operations during the restructuring.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
View all of today's news