Water Park Owner Apex Parks’ Bankruptcy Converted to Chapter 7

Apex Parks converted its Chapter 11 bankruptcy case to Chapter 7 after the water and amusement park operator said it had no assets left and lacks the resources to confirm a liquidation plan.

The conversion, ordered Wednesday, means a trustee, appointed by the U.S. Trustee, will wrap up the case. It follows a June 2020 asset sale to an entity controlled by a group of secured lenders led by Cerberus Business Finance LLC. The entity, APX Operating Co., bought the assets for $45 million in debt forgiveness and an agreement to pay off in cash Apex’s $11.5 million post-bankruptcy loan. ...