AMF Bowling to restructure, files for Chapter 11

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Associated Press

Posted on November 13, 2012 at 10:00 AM

Updated Tuesday, Nov 13 at 10:02 AM

RICHMOND, Va. (AP) — Bowling center operator AMF Bowling Worldwide says it has filed for Chapter 11 bankruptcy so it can implement a pre-arranged restructuring agreement.

Virginia-based AMF announced the bankruptcy filing and the agreement Tuesday morning. The agreement is with a majority of the company's first lien lenders and the landlord of a majority of its bowling centers.

AMF says in a news release that it expects to complete the restructuring and leave Chapter11 in about five months.

The company says the restructuring will eliminate a significant amount of outstanding debt.

Chief financial officer and chief operating officer Steve Satterwhite says the company needs financial flexibility to improve its bowling centers and make other long-term investments.

Bowling centers will continue normal operations during the restructuring.

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