Theme parks across the country have been closed due to the coronavirus pandemic. Photo: AaronP/Bauer-Griffin/GC Images
Apex Parks Group, an Irvine, Calif.-based amusement parks operator owned by The Carlyle Group and Edgewater Funds, filed for Chapter 11 bankruptcy protection. It also disclosed plans to be acquired by a lender group led by Cerberus Capital Management.
Why it matters: While much of Apex's financial mess predates the pandemic — it closed an upstate New York park in February — this is a reminder of how lockdowns are devastating tourism companies beyond airlines, cruise lines, and hotels.
- The bottom line: "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.... Apex said the impetus for its bankruptcy filing was to reduce debt and it expects to resume operations." — Becky Yerak, WSJ