CEC, acquired by private equity firm
As of June 24, 266 company-operated Chuck E. Cheese and Peter Piper Pizza restaurant and arcade venues have re-opened, CEC said in a
The company filed for bankruptcy protection without a deal in place. It said it will use the bankruptcy process to continue discussions with its stakeholders and landlords to achieve a balance sheet restructuring that “supports its re-opening and longer-term strategic plans.”
Both loan and bondholders to CEC were contemplating putting new money into the business to keep it afloat, Bloomberg reported last week. They brought in advisors to help them evaluate options, including fresh capital to help CEC ride out the pandemic.
CEC’s bonds due
Entertainment and leisure have been among industries hardest hit by state and federal guidelines to stay at home. Though restrictions are starting to ease, it’s
Irving, Texas-based CEC was originally incorporated under the name ShowBiz Pizza Place Inc. The company changed its name in 1998 to CEC Entertainment and today its franchisees operate venues with locations in 47 states and 16 foreign countries and territories, according to its website.
A plan to take CEC’s parent company Queso Holdings Inc. public through a merger with shell company Leo Holdings Corp. was
The case is In RE: CEC Entertainment Inc., No.
(Updates with further plan details starting in fifth paragraph and debt prices.)
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