The Company Has Agreed to be Acquired by Cerberus Group
California-based Apex Parks Group Llc. has filed for Chapter 11 bankruptcy in Delaware, the company said in a press release.
The company, which is owned by The Carlyle Group and Edgewater Funds, said it was seeking financial restructuring of its debt after its revenue dipped due to competition, excessive expenditure and the seasonal nature of business.
The company also disclosed that it was considering entering a “stalking horse” purchase agreement with its lenders led by Cerberus Capital Management.
“The actions we are taking today will better help position the company for the future and enable us to continue serving our guests, team members and other business partners in the years ahead,” CEO John Fitzgerald said in a statement.
Fitzgerald said the bankruptcy would not affect the operations of the firm’s ten family entertainment centers and two water parks in California, New Jersey and Florida.
The company has since closed all locations in compliance with the government and CDC directives to protect guests and employees from coronavirus.