Bankrupt Water Park Owner Apex Parks Bought by Secured Lender

A secured lender to bankrupt Apex Parks has acquired the water park operator in a bankruptcy sale after unsecured creditors and secured lenders struck a deal.

A lender group led by Cerberus Business Finance LLC will use APX Operating Company LLC to acquire the company, according to sale terms approved at a video and telephone hearing Thursday by Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware. The purchase will involve offsetting its secured debt and assuming certain liabilities, including repaying a post-bankruptcy debtor-in-possession loan.

Sontchi also gave final approval to the $11.5 million DIP ...