AMF Bowling Asks Court to Approve Key Lease Deal

"AMF Bowling Worldwide Inc. is seeking court approval of lease improvements with the owner of most of its bowling alleys, iStar Financial Inc., a crucial piece of AMF's Chapter 11 restructuring.

AMF's bankruptcy attorney said the improvements would take effect upon the company's exit from Chapter 11 protection, whether that is under the ownership of its senior lenders or a rival that exceeds the lenders' offer to forgive their approximately $216 million in debt.

'That agreement is portable,' Kirkland & Ellis partner Joshua Sussberg told the court Tuesday.

'We absolutely think we're headed in the right direction,' Mr. Sussberg said."

This article appeared in its entirety in the November 15, 2012 edition of Dow Jones Daily Bankruptcy Review