AMF Unit Seeks to Revamp

AMF Bowling Worldwide, the world’s largest operator of bowling centers, filed for Chapter 11 bankruptcy protection Tuesday under a plan that would allow it to repay debt and restructure its operations.

AMF listed $1.68 billion in assets and $1.26 billion in debts in its filing in Bankruptcy Court in Richmond. Executives said lenders have agreed to provide the Mechanicsville, Va.-based company with $75 million to pay for its continuing operations.

“We will continue welcoming customers at our bowling centers and will continue to make and sell our bowling products,” said Roland Smith, chief executive and president of the company’s parent, AMF Bowling Inc.

The parent company wasn’t part of the filing, but it expects to file for bankruptcy soon, spokesman Merrell Wreden told Bloomberg News.

Goldman Sachs Group Inc. owns 54% of the company.

AMF ran up debt in a worldwide buying spree that included expansion in Asia, where participation in the sport suffered in a weak economy.

The company said in April that it was considering filing for bankruptcy protection, after its fourth-quarter loss widened to $81.6 million, from a loss of $44.4 million a year earlier.

AMF Bowling Inc. is a major supplier of bowling equipment and accessories as well as operator of more than 518 bowling alleys in the U.S. and eight other countries.

The company also operates two Michael Jordan Golf practice ranges. The former National Basketball Assn. star has an endorsement agreement with the company.

Michael Jordan Golf Co., an AMF subsidiary, also filed for bankruptcy protection.

Shares of Richmond-based AMF, which have lost more than 94% of their value in the last year, fell 3 cents to 7 cents in over-the-counter trading.