CEC Enjoyment Efficiently Completes Economic Restructuring
4 min read
IRVING, Texas, Dec. 30, 2020 /PRNewswire/ — CEC Entertainment (“CEC” or the “Corporation”) today introduced its emergence from Chapter 11 safety. This milestone marks the prosperous completion of the Firm’s economic restructuring method and implementation of the Prepare of Reorganization confirmed by the U.S. Personal bankruptcy Court docket on December 15, 2020. CEC emerges with a significantly strengthened monetary placement, somewhere around $705 million of financial debt obligations eliminated from its balance sheet, and the whole support of its new Board of Directors and ownership.
“We are thrilled to have emerged from our fiscal restructuring process and glimpse ahead to commencing a new chapter as a much better and much healthier enterprise nicely positioned to execute on our very long-term targets,” mentioned David McKillips, CEC’s Main Executive Officer. “Less than new possession, and with the management of our new Board, the CEC workforce is excited to go on offering recollections, leisure, and pizza for little ones and family members all over the planet for generations to arrive. At the rear of the energy of our complete workforce and entire world-class makes, we glance forward to rising as a result of essential chances and employing our strategic program.”
As a final result of the contributions and assistance of crucial constituents, the Company’s balance sheet has been strengthened by the reduction of around $705 million of credit card debt obligations and at emergence the Company has in excess of $100 million of liquidity to aid operations and development initiatives.
CEC has emerged with a new Board of Administrators that will consist of seven customers which include:
- David McKillips, CEO of CEC
- Joshua Acheatel, Senior Expense Experienced at Monarch Alternative Money LP
- Howard Altman, Main Investment decision Officer of Metropoulos & Co.
- Patrick J. Bartels Jr., Taking care of Member of Redan Advisors
- Clifford Hudson, beforehand Chairman of the Board and CEO of Sonic Corp.
- Lance Milken, Founder of Ripple Industries LLC, and formerly a Senior Partner at Apollo Worldwide Management, Inc. and
- An further director appointed in accordance with the minimal legal responsibility corporation settlement of CEC Holdings.
As of December 30, the Firm and its franchisees function 559 Chuck E. Cheese and 122 Peter Piper Pizza venues. A listing of open locations and providers furnished can be discovered on https://www.chuckecheese.com/reopening-directory and https://www.peterpiperpizza.com/spots. The Firm ideas to go on opening additional areas as it is protected to do so, steadily bringing much more employees back again to work and furnishing family members with healthful entertainment about wonderful food stuff.
Filings and supplemental data on the transaction consummated in link with the Firm’s emergence from bankruptcy can be uncovered at https://situations.primeclerk.com/cecentertainment/.
CEC Enjoyment was advised in this course of action by Weil, Gotshal & Manges LLP as legal counsel, PJT Companions as financial investment banker, FTI Consulting as money advisor, and Hilco Actual Estate as genuine estate marketing consultant. The Advertisement Hoc Team of Initially Lien Lenders was encouraged in this system by Akin Gump Strauss Hauer & Feld LLP as authorized counsel and Houlihan Lokey Funds, Inc. as economical advisor.
Ahead-Looking Statements
This push release includes statements that may well constitute “ahead-looking statements” that are not historic information, which include statements about the beliefs, expectations, estimates, upcoming options, and strategies of CEC which include, but not minimal to, statements about the Chapter 11 situations. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information and facts now accessible to administration, but are essentially subject to numerous dangers and uncertainties. In addition to the possibility that these assumptions confirm to be inaccurate, things that could cause genuine results to vary materially from individuals contemplated by the ahead-seeking statements include things like variables disclosed in CEC’s yearly report on Kind 10-K, as amended, for the yr ended December 29, 2019, and subsequent stories filed with the Securities and Exchange Commission (the “SEC”), which are readily available on CEC’s internet site at https://cecentertainment.gcs-internet.com/investor-overview and on the SEC website at www.sec.gov. More elements include, but are not minimal to, individuals connected with the Chapter 11 scenarios commenced on June 24, 2020 and people involved with the COVID-19 worldwide pandemic. CEC undertakes no obligation to publicly update or revise any forward-searching statements, irrespective of whether thanks to new info, foreseeable future functions or if not, apart from to the extent needed by legislation.
About the Company
CEC Amusement, LLC is a nationally acknowledged chief in family members eating and leisure with both of those its Chuck E. Cheese and Peter Piper Pizza restaurants. As the area where by a million satisfied birthdays are celebrated each and every calendar year, Chuck E. Cheese’s goal is to generate optimistic, lifelong reminiscences for family members as a result of entertaining, food stuff, and participate in and is the location Wherever A Kid Can Be A Kid®. Fully commited to giving a entertaining, protected ecosystem, Chuck E. Cheese helps guard families through business-foremost packages this kind of as Child Check®. As a potent advocate for its community communities, Chuck E. Cheese has donated additional than $16 million to educational institutions as a result of its fundraising systems. Peter Piper Pizza features eating, amusement and carryout with a community pizzeria sense and “pizza manufactured new, households created joyful” culture. Peter Piper Pizza takes pride in providing good quality food and pleasurable that reconnects loved ones and mates. With a daring structure and contemporary format, an open up kitchen area revealing substantially of their handcrafted food stuff preparing, the hottest technological know-how and online games, and beer and wine for older people, Peter Piper Pizza restaurants charm to mothers and fathers and kids alike. The Organization and its franchisees work a system of 559 Chuck E. Cheese and 122 Peter Piper Pizza venues, with spots in 47 states and 15 international nations around the world and territories. For a lot more data, go to chuckecheese.com and peterpiperpizza.com.
For CEC Leisure, LLC
Traders / Media
FTI Consulting
Angelo Thalassinos / Sarah Rosselet
[email protected]
Resource CEC Amusement
