Back to News
Private Equity

Chuck E. Cheese Forms Restructuring Committee

Published: April 13th, 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.

Editor’s note: The original version of this article, including advisers and other details, was published earlier on The Deal’s premium subscription website. For access, log in to or use the form below to request a free trial.

This Content is Only for The Deal Subscribers

The Deal provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them.

If you’re already a subscriber, log in to view this article here.

More From Private Equity

Private Equity

Apollo, Silver Lake Provide Expedia With Voucher

By Chris Nolter
Published: May 6th, 2020
The online travel group raised $1.2 billion through a sale of preferred stock to Apollo and Silver Lake. Expedia is also raising $2 billion in debt.
Mergers & Acquisitions

B. Riley Registers New SPAC

By Bill Meagher
Published: April 29th, 2020
The Los Angeles investment bank has returned to the special purpose sector sponsoring its second SPAC, B. Riley Principal Merger Corp. II.