RICHMOND, Va. (AP) — 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.
Elon Musk’s Crony Capitalism under Scrutiny | Human Events
Jonah Goldberg - What the Other GOP Candidates Can Learn from Trump
10mm Underwood Extreme Penetrators Vs Bulletproof Glass - Bearing Arms - 10mm, Underwood, Video
President Science flies Air Force One to Alaska to watch glacier recede, eats coffee gelato to survive
The Federalist: Smoking guns in latest Hillary e-mail release? Update: Another? - Hot Air
Have We Not More Faith Than This? | RedState
Katie Pavlich - WATCH: Sheriff David Clarke Takes on Cop Killer Advocate on CNN