Apex Parks Group LLC, an amusement-park company whose operations are closed due to the coronavirus pandemic, has filed for bankruptcy, with plans to be acquired by a lender group led by Cerberus Capital Management LP, the Wall Street Journal reported. The Irvine, Calif.-based business, whose biggest investors are Edgewater Funds and an affiliate of Carlyle Group Inc., filed its chapter 11 petition on Wednesday in the U.S. Bankruptcy Court in Wilmington, Del. Apex said that it expects that its senior lenders will serve as a stalking-horse bidder in a court-supervised auction for virtually all of its assets. The company has 10 entertainment centers and two water parks operating under such names as Big Kahuna’s, Sahara Sam’s, Boomers and SpeedZone in California, Florida and New Jersey. It said on Wednesday that it has struggled financially for years, partly due to increased competition.
