CEC Entertainment Effectively Completes Economical Restructuring
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IRVING, Texas, Dec. 30, 2020 /PRNewswire/ — CEC Entertainment (“CEC” or the “Company”) currently announced its emergence from Chapter 11 protection. This milestone marks the successful completion of the Company’s money restructuring method and implementation of the Approach of Reorganization confirmed by the U.S. Individual bankruptcy Court docket on December 15, 2020. CEC emerges with a appreciably strengthened money posture, around $705 million of debt obligations removed from its balance sheet, and the comprehensive help of its new Board of Directors and ownership.
“We are thrilled to have emerged from our fiscal restructuring method and search ahead to commencing a new chapter as a more powerful and much healthier enterprise perfectly positioned to execute on our prolonged-expression goals,” stated David McKillips, CEC’s Chief Executive Officer. “Under new possession, and with the management of our new Board, the CEC group is fired up to continue on providing memories, amusement, and pizza for kids and families all over the globe for generations to arrive. Driving the strength of our whole staff and entire world-class brand names, we look ahead to rising by means of critical opportunities and employing our strategic program.”
As a end result of the contributions and help of key constituents, the Company’s equilibrium sheet has been strengthened by the reduction of around $705 million of credit card debt obligations and at emergence the Corporation has in excess of $100 million of liquidity to aid operations and growth initiatives.
CEC has emerged with a new Board of Administrators that will consist of seven customers such as:
- David McKillips, CEO of CEC
- Joshua Acheatel, Senior Expenditure Skilled at Monarch Substitute Money LP
- Howard Altman, Chief Financial commitment Officer of Metropoulos & Co.
- Patrick J. Bartels Jr., Handling Member of Redan Advisors
- Clifford Hudson, formerly Chairman of the Board and CEO of Sonic Corp.
- Lance Milken, Founder of Ripple Industries LLC, and previously a Senior Spouse at Apollo Global Management, Inc. and
- An additional director appointed in accordance with the restricted legal responsibility company arrangement of CEC Holdings.
As of December 30, the Enterprise and its franchisees work 559 Chuck E. Cheese and 122 Peter Piper Pizza venues. A listing of open spots and products and services presented can be observed on https://www.chuckecheese.com/reopening-directory and https://www.peterpiperpizza.com/locations. The Corporation ideas to proceed opening further places as it is safe and sound to do so, steadily bringing additional workforce back again to operate and supplying people with healthful enjoyment more than terrific food stuff.
Filings and additional information on the transaction consummated in connection with the Company’s emergence from personal bankruptcy can be observed at https://instances.primeclerk.com/cecentertainment/.
CEC Leisure was advised in this course of action by Weil, Gotshal & Manges LLP as legal counsel, PJT Partners as financial investment banker, FTI Consulting as fiscal advisor, and Hilco Serious Estate as true estate consultant. The Ad Hoc Group of To start with Lien Loan providers was advised in this course of action by Akin Gump Strauss Hauer & Feld LLP as authorized counsel and Houlihan Lokey Cash, Inc. as financial advisor.
Forward-Wanting Statements
This push release contains statements that may well represent “forward-hunting statements” that are not historic facts, which includes statements about the beliefs, anticipations, estimates, potential designs, and techniques of CEC such as, but not restricted to, statements about the Chapter 11 conditions. These statements are dependent on current anticipations and assumptions, which administration thinks are affordable, and on information and facts at this time out there to management, but are necessarily topic to different threats and uncertainties. In addition to the chance that these assumptions show to be inaccurate, factors that could trigger genuine final results to vary materially from these contemplated by the forward-wanting statements include things like aspects disclosed in CEC’s once-a-year report on Form 10-K, as amended, for the yr ended December 29, 2019, and subsequent experiences submitted with the Securities and Trade Commission (the “SEC”), which are obtainable on CEC’s website at https://cecentertainment.gcs-world wide web.com/investor-overview and on the SEC web page at www.sec.gov. More components include things like, but are not minimal to, people linked with the Chapter 11 instances commenced on June 24, 2020 and people connected with the COVID-19 world wide pandemic. CEC undertakes no obligation to publicly update or revise any forward-looking statements, no matter whether because of to new data, upcoming functions or or else, apart from to the extent essential by legislation.
About the Firm
CEC Leisure, LLC is a nationally regarded leader in family members dining and enjoyment with equally its Chuck E. Cheese and Peter Piper Pizza dining establishments. As the put exactly where a million delighted birthdays are celebrated each and every 12 months, Chuck E. Cheese’s goal is to generate positive, lifelong recollections for family members via fun, food items, and play and is the spot Where by A Kid Can Be A Kid®. Committed to offering a enjoyable, harmless surroundings, Chuck E. Cheese allows guard people by marketplace-foremost applications this kind of as Child Check®. As a robust advocate for its regional communities, Chuck E. Cheese has donated additional than $16 million to universities by means of its fundraising courses. Peter Piper Pizza attributes eating, amusement and carryout with a community pizzeria truly feel and “pizza manufactured clean, family members made happy” tradition. Peter Piper Pizza requires satisfaction in providing high quality food and entertaining that reconnects relatives and good friends. With a daring layout and up to date layout, an open kitchen area revealing considerably of their handcrafted foods planning, the most current technologies and games, and beer and wine for grownups, Peter Piper Pizza eating places attraction to mothers and fathers and youngsters alike. The Corporation and its franchisees operate a system of 559 Chuck E. Cheese and 122 Peter Piper Pizza venues, with areas in 47 states and 15 foreign international locations and territories. For additional details, take a look at chuckecheese.com and peterpiperpizza.com.
For CEC Enjoyment, LLC
Buyers / Media
FTI Consulting
Angelo Thalassinos / Sarah Rosselet
[email protected]
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Resource CEC Leisure
