Apr 10, 2020 Joe Kleiman Attractions, Business, News, North America, Theme Parks, Water Parks, World markets Comments Off on Apex Parks files chapter 11 bankruptcy in preparation of sale to creditors
Apex Parks Group, LLC (“Apex” or “Company”), has announced that it is pursuing a comprehensive financial restructuring aimed at reducing the Company’s current debt and, ultimately, enhancing operations to continue to serve guests and communities for years to come. As part of this process, Apex expects to enter into a stalking horse purchase agreement (“Agreement”) with the Company’s pre-petition secured lenders (“Lenders”) to sell substantially all of the Company’s assets and operations and has filed for Chapter 11 of the United States Bankruptcy Code in the District of Delaware to facilitate the sale. The Lenders will also provide financing to support the Company during the restructuring.
“The actions we are taking today will help better position the Company for the future and enable us to continue serving our guests, team members and other business partners in the years ahead,” said John Fitzgerald, Apex CEO. “Apex has faced a number of challenges in recent years, including increased industry competition and consolidation, extensive operational expenditures and the seasonal nature of the business. To address these challenges, we have implemented numerous operational initiatives to increase profitability; however, despite these efforts and the hard work of our team members, continuing market headwinds and operational challenges have prevented us from meaningfully improving financial performance. After an exhaustive examination of all options, we’ve determined that a sale of the Company through the Chapter 11 process is the best path forward to enable Apex to focus on future operational transformation and growth.”
The Chapter 11 process will not affect the operations of Apex’s 10 family entertainment centers and two water parks in California, Florida, and New Jersey. Two company-owned amusement parks, Indiana Beach in Monticello, IN and Fantasy Island in Grand Island, NY, ceased operations earlier in the year. The Company has temporarily closed all other locations in accordance with federal and local government mandates and CDC guidelines to proactively protect guests and employees in response to the COVID-19 pandemic but expects to return to operating in the ordinary course upon reopening of the locations.
Upon resumption of regular business operations, the Company intends to:
**Honor customer programs such as Season Passes and gift cards at its operating parks
**Pay employee wages and benefits in the ordinary course of business
**Pay vendors and suppliers in a timely fashion
“We look forward to reopening the parks so that we can continue to provide exceptional and memorable guest experiences for our communities,” Fitzgerald added. “I also want to extend our deepest gratitude to our team members. We recognize this is a challenging time on numerous fronts and look forward to us all returning to work.”
The Company will file various first-day motions along with the sale motion and stalking horse purchase agreement in the coming days. To ensure maximum recovery for all stakeholders, the stalking horse bid provides a baseline bid against which the Company will seek higher or otherwise better offers.
Court filings, as well as other information related to the restructuring, are available at http://www.kccllc.net/apex, or by calling (866) 967-1781 (US/Canada Toll Free Number) or (310) 751-2681 (International Toll Number).
Pachulski Stang Ziehl & Jones LLP is serving as legal advisor to the Company and Scott Avila of Paladin Management Group is serving as Chief Restructuring Officer.
Comments Off on Cirque du Soleil files for protection from creditors, sets in motion plan for restarting company
Comments Off on Barco undergoing restructuring to better meet market demands and growth opportunities
Comments Off on Wanda Group Restructures Theme Park and Hotel Design and Management Groups
Comments Off on Talks Undergoing with Creditors to Salvage Caesars Entertainment Bankruptcy Plan
Jan 22, 2021 Comments Off on Looking forward, WhiteWater redefines leadership team
Jan 21, 2021 Comments Off on Mad Systems announces addition of Toni Losier to business development team
Jan 21, 2021 Comments Off on Rock Solid: Stoneface sculpts natural environments for theme parks, zoos, aquariums and more
Jan 21, 2021 Comments Off on Museums Evolving conference goes virtual for second year in a row due to COVID-19 pandemic
Dec 29, 2020 Comments Off on Cedar Fair seeks Corporate Director, Communications
The position will lead strategy development and execution...Dec 28, 2020 Comments Off on Pursuit seeks Financial Analyst, FP&A
This role will focus on all aspects of financial planning...Dec 26, 2020 Comments Off on AOA seeks Show Set Designer
There will be a great deal of freedom, which will be...Dec 09, 2020 Comments Off on Visualization firm THE THIRD FLOOR has openings for a variety of positions
THE THIRD FLOOR is currently seeking Postvis Generalists,...Dec 09, 2020 Comments Off on CineVenture seeks 3D character animator
CineVenture develops high-end content for the global...