Let’s hope they come out of Chapter 11 much stronger than last time.
AMF Bowling Worldwide Inc., the world’s largest bowling operator, filed for Chapter 11 bankruptcy protection to restructure its mounting debt.
The Hanover County-based company said this morning that it filed a pre-arranged petition with the U.S. Bankruptcy Court in Richmond.
AMF said it expects completing the restructuring process and exiting Chapter 11 within five months.
AMF operates a location in Lynchburg near the intersection of U.S. 29 and Candlers Mountain Road, near James T. Davis Paint Center.
The company said it will continue its normal business operations during the Chapter 11 process, and its bowling centers will maintain normal operating schedules.
AMF said it has reached an agreement with a majority of its secured first lien lenders and the landlord of a majority of its bowling centers to restructure it finances, which the company said will result in the elimination of a significant amount of its outstanding debt.