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Bowling Company Seeks Bankruptcy Protection

In a recession, many are finding that there are cheaper ways to have fun then to go to the bowling alley. As well, bowling alleys are slowly losing business as more consumers opt for the digital, free game that you can purchase for a Wii or an Xbox Kinect. While it’s not the same as holding a smooth bowling ball and hearing the clatter of the pins, many would rather trade the genuine sport for the digital in order to save some much needed money. This is part of the reason why AMF Bowling and its affiliates have filed for Chapter 11 bankruptcy protection. They hope that this move will help them to reduce a pile of debt that has been looming overhead since their last bankruptcy about 12 years ago.

The company has already reached an agreement regarding financial restructuring. They plan to secure new financing of $50 million for working capital during the restructuring, and carefully go through their company to determine where they can cut costs. On Tuesday, the bowling alley company filed for their bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Virginia. AMF has opened 270 bowling centers across the nation and in Mexico, and is considered the world’s largest bowling alley operator. In a statement from their website, the company says that they hope that the financial restructuring will eliminate a significant amount of their debt and build a stronger balance sheet. This will give AMF the ability to continue improving their bowling centers and invest in opportunities for company growth.

AMF hopes that they will be able to emerge from bankruptcy in the next five months and that they will be able to remain open for business as they work through their expenses. If you are low on finances and believe that your business is in a desperate situation, then filing for bankruptcy may be a benefit to you. With the help of an accomplished Silver Spring bankruptcy attorney you can file and see results from your bankruptcy in no time. Talk to us today about our Chapter 11 bankruptcies and get the assistance you need to get a fresh start with your company!