Lucky Bucks Announces a Recapitalization Transaction to Strengthen its Balance Sheet and Enhance Liquidit
Benzinga Transaction Has Overwhelming Support of Secured Lenders Holding Over 86% of Lucky Bucks' Secured Debt
Transaction to be Implemented Through Prepackaged Chapter 11
Lucky Bucks Expected to Operate Business as Usual During Process
Lucky Bucks, LLC and its parent, Lucky Bucks HoldCo, LLC (collectively, "Lucky Bucks"), among the largest Class B coin operated amusement machine ("COAM") operators in Georgia, today announced a recapitalization transaction with the overwhelming support of its secured lenders holding over 86% of Lucky Bucks' secured debt. The recapitalization transaction will position Lucky Bucks for long-term success by significantly de-levering Lucky Bucks' balance sheet and enhancing its liquidity.
"The recapitalization transaction announced today will strengthen Lucky Bucks' financial foundation, enabling us to maintain our industry leadership across the Georgia COAM market," said James Boyden, Director and Executive Vice President of Corporate Development of Lucky Bucks. "We are confident in our ability to continue generating strong revenue for our partners as we take decisive steps to position our business for the future. During our recapitalization transaction, we expect there will be no disruption for our valued partners, employees, customers, vendors, or end-consumers."
