RICHMOND, Va. - Bowling center operator AMF Bowling Worldwide is proceeding with a plan to emerge from Chapter 11 bankruptcy protection under the ownership of its major creditors.
The Virginia-based company filed documents this week in U.S. Bankruptcy Court in Richmond indicating it would pursue that outcome after an attempt to sell the company produced no qualified bids.
AMF owns and operates 270 bowling centers in the U.S. and Mexico.
The company for bankruptcy protection in November for the second time in 11 years, saying the slow economy hurt its revenue and its debt prevented it from making upgrades to attract customers.
The Richmond Times-Dispatch reports (http://bit.ly/11UDQCF) that a prearranged petition called for the company to either sell itself through an auction or emerge with its top lenders owning it.
Information from: Richmond Times- Dispatch, http://www.timesdispatch.com
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.