March 13, 2014
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.