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AMF Bankruptcy: Bowling Center Operator Secures $50 Million For Restructuring

by by Staff Reporter
Posted On: 1/4/2013

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TAGS: AMF Bowling Worldwide Inc., AMF bankruptcy, world's largest bowling-alley operator, bowling center

MECHANICSVILLE, VA -- AMF Bowling Worldwide Inc., which filed for Chapter 11 bankruptcy on Nov. 12, said it has secured $50 million in new financing that it can use, following court approval, to support working capital needs during its restructuring. The world's largest bowling-alley operator said it expects to pay its suppliers and vendors in full, and will continue normal operations at its bowling centers.

In November, AMF filed for court protection for the second time in 11 years, seeking to implement a restructuring agreement reached with holders of most of its $216 million in first-lien debt and iStar Financial Inc. (SFI), the landlord of most of its bowling centers. | SEE WSJ

AMF operates 262 bowling centers in the United States. Small chains and mom-and-pop operators now dominate the industry, which includes more than 5,000 bowling facilities. AMF sold off its bowling alleys overseas in a previous restructuring.

Separately, AMF asked a bankruptcy judge for permission to pay as much as $1.03 million in bonuses to three executives after the company is sold or reorganized. | SEE BLOOMBERG