CEC Amusement Successfully Completes Fiscal Restructuring
IRVING, Texas, Dec. 30, 2020 /PRNewswire/ — CEC Enjoyment (“CEC” or the “Organization”) nowadays declared its emergence from Chapter 11 protection. This milestone marks the successful completion of the Firm’s economical restructuring system and implementation of the Approach of Reorganization verified by the U.S. Personal bankruptcy Court docket on December 15, 2020. CEC emerges with a substantially strengthened money placement, approximately $705 million of financial debt obligations removed from its harmony sheet, and the complete support of its new Board of Administrators and possession.
“We are thrilled to have emerged from our financial restructuring system and glimpse forward to commencing a new chapter as a more powerful and much healthier corporation effectively positioned to execute on our long-time period goals,” mentioned David McKillips, CEC’s Chief Executive Officer. “Beneath new ownership, and with the leadership of our new Board, the CEC staff is enthusiastic to proceed providing reminiscences, leisure, and pizza for children and people all-around the planet for generations to arrive. At the rear of the toughness of our entire group and entire world-course manufacturers, we glance ahead to rising by important options and utilizing our strategic system.”
As a final result of the contributions and aid of vital constituents, the Firm’s equilibrium sheet has been strengthened by the reduction of about $705 million of debt obligations and at emergence the Business has above $100 million of liquidity to guidance functions and development initiatives.
CEC has emerged with a new Board of Administrators that will consist of 7 associates which includes:
- David McKillips, CEO of CEC
- Joshua Acheatel, Senior Expense Specialist at Monarch Choice Capital LP
- Howard Altman, Main Investment Officer of Metropoulos & Co.
- Patrick J. Bartels Jr., Running Member of Redan Advisors
- Clifford Hudson, previously Chairman of the Board and CEO of Sonic Corp.
- Lance Milken, Founder of Ripple Industries LLC, and formerly a Senior Spouse at Apollo World Management, Inc. and
- An added director appointed in accordance with the constrained legal responsibility organization settlement of CEC Holdings.
As of December 30, the Enterprise and its franchisees work 559 Chuck E. Cheese and 122 Peter Piper Pizza venues. A list of open up locations and solutions furnished can be discovered on https://www.chuckecheese.com/reopening-directory and https://www.peterpiperpizza.com/spots. The Firm options to continue opening extra places as it is safe and sound to do so, steadily bringing far more staff members back again to perform and offering families with healthful enjoyment about fantastic food items. 
Filings and additional info on the transaction consummated in connection with the Firm’s emergence from personal bankruptcy can be discovered at https://scenarios.primeclerk.com/cecentertainment/.
CEC Amusement was recommended in this process by Weil, Gotshal & Manges LLP as legal counsel, PJT Associates as financial commitment banker, FTI Consulting as fiscal advisor, and Hilco Genuine Estate as true estate advisor. The Advert Hoc Group of 1st Lien Lenders was encouraged in this procedure by Akin Gump Strauss Hauer & Feld LLP as legal counsel and Houlihan Lokey Capital, Inc. as money advisor.
Forward-Looking Statements
This press launch involves statements that may represent “forward-hunting statements” that are not historical information, together with statements about the beliefs, expectations, estimates, long term designs, and strategies of CEC which include, but not constrained to, statements about the Chapter 11 cases. These statements are primarily based on recent expectations and assumptions, which administration believes are sensible, and on facts at the moment offered to administration, but are essentially subject to many pitfalls and uncertainties. In addition to the hazard that these assumptions prove to be inaccurate, aspects that could bring about true final results to differ materially from those people contemplated by the forward-looking statements consist of factors disclosed in CEC’s once-a-year report on Kind 10-K, as amended, for the 12 months ended December 29, 2019, and subsequent stories submitted with the Securities and Trade Commission (the “SEC”), which are readily available on CEC’s web page at https://cecentertainment.gcs-world-wide-web.com/trader-overview and on the SEC website at www.sec.gov. Additional things incorporate, but are not limited to, all those linked with the Chapter 11 scenarios commenced on June 24, 2020 and those people connected with the COVID-19 world-wide pandemic. CEC undertakes no obligation to publicly update or revise any forward-hunting statements, whether or not owing to new facts, potential occasions or normally, except to the extent expected by law.
About the Corporation

CEC Enjoyment, LLC is a nationally acknowledged chief in family eating and entertainment with the two its Chuck E. Cheese and Peter Piper Pizza restaurants. As the location exactly where a million content birthdays are celebrated every calendar year, Chuck E. Cheese’s goal is to build beneficial, lifelong reminiscences for households by exciting, meals, and engage in and is the area Where A Kid Can Be A Kid®. Fully commited to giving a fun, safe environment, Chuck E. Cheese helps protect households as a result of industry-leading applications these as Kid Check®. As a powerful advocate for its regional communities, Chuck E. Cheese has donated a lot more than $16 million to schools via its fundraising programs. Peter Piper Pizza features eating, leisure and carryout with a community pizzeria experience and “pizza made fresh, family members manufactured happy” culture. Peter Piper Pizza takes pleasure in providing high-quality foodstuff and enjoyable that reconnects family members and good friends. With a bold design and style and modern structure, an open up kitchen area revealing much of their handcrafted food stuff planning, the latest technology and video games, and beer and wine for older people, Peter Piper Pizza restaurants enchantment to mom and dad and youngsters alike. The Organization and its franchisees function a procedure of 559 Chuck E. Cheese and 122 Peter Piper Pizza venues, with places in 47 states and 15 foreign nations and territories. For additional data, stop by chuckecheese.com and peterpiperpizza.com.
For CEC Amusement, LLC
Investors / Media
FTI Consulting
Angelo Thalassinos / Sarah Rosselet
[email protected]
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