Chuck E. Cheese Accused Of Rushing Ch. 11 Sale Process

Law360 (September 28, 2020, 5:54 PM EDT) -- The unsecured creditors of Chuck E. Cheese's parent company are accusing a group of its secured creditors of using a $200 million debtor-in-possession financing package and a rushed sale process to seize all of the pizza chain's value for themselves.

In a pair of objections filed Friday, the unsecured creditors accused a group of CEC Entertainment's secured lenders of consenting to a plan support agreement in order to push a DIP that will encumber assets that could go toward unsecured claims and force a sale timeline that will allow the lenders to take ownership of the chain at an artificially low...

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