Apex Parks Group LLC, a bankrupt amusement-park company whose operations have been closed due to the coronavirus pandemic, is being taken over by a lender group led by Cerberus Capital Management LP for $45 million, WSJ Pro Bankruptcy reported. Cerberus, which has more than $42 billion in credit, private-equity and real-estate assets, is making the purchase in the form of a credit bid. A credit bid is an offer to buy a company by canceling some of the debt owed to the buyer. Apex, based in Irvine, Calif., entered bankruptcy last month with 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. The company has struggled financially for years, partly due to increased competition. The Cerberus deal is the culmination of a sales process that failed to generate another serious bid, according to a filing on Tuesday in U.S. Bankruptcy Court in Wilmington, Del.
