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Chuck E. Cheese Forms Restructuring Committee

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Published: June 22nd, 2020
The Apollo Global-backed restaurant company names former Milbank restructuring attorney Paul Aronzon to head the committee as it deals with fallout from the Covid-19 pandemic.

Less than a year after cancellation of a merger, Chuck E. Cheese owner CEC Entertainment Inc. has formed a special board committee to evaluate restructuring and financing opportunities.

The portfolio holding of Apollo Global Management Inc. (APO) on Friday, April 10, said in a Securities and Exchange Commission filing it had added former Milbank LLP restructuring attorney Paul S. Aronzon to its board to head the committee, with independent directors Peter Brown and Allen Weiss also participating. The trio will weigh options including financings, refinancings, debt amendments, forbearances, asset sales, debt issuances and both in- and out-of-court restructurings.

Aronzon, who before retiring recently was counsel to Ares Management Corp. (ARES) in both the Gastar Exploration Inc. Chapter 11 case and Guitar Center Inc. in an out-of-court deal, will receive $45,000 monthly for at least four months, with Brown and Weiss receiving $25,000 per month on top of their annual board retainer.

CEC and Leo Holdings Corp. (LHC) last July abandoned a $1.4 billion merger for unspecified reasons.

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