Lucky Bucks, a Class B coin operated amusement machine (COAM) route operator in Georgia, announced the completion of its restructuring process and successful emergence from Chapter 11 bankruptcy. Lucky Bucks’ exit from the bankruptcy process concludes a swift restructuring that received approval of the U.S. Bankruptcy Court for the District of Delaware through confirmation of its Chapter 11 plan of reorganization on July 28 and approval of the Georgia Lottery Corporation on Sept. 29.
The restructuring enables Lucky Bucks to substantially strengthen its balance sheet, reduce debt by over $500 million and inject substantial new liquidity. The newly reorganized Lucky Bucks will operate under an experienced long-term ownership group, which has collectively provided significant new capital to support Lucky Bucks’ future growth and innovation. The group is also committed to working closely with Lucky Bucks’ management to increase market share and create value.
Having emerged from Chapter 11, Lucky Bucks is onboarding a new management team and several new board directors, including Byron Boothe, Tripp Lane, Jaymin Patel and Greg Woolard, each of whom brings great experience in convenience stores, gaming, entertainment or finance. The company is proud to be a valued partner with convenience store and business owners, who are the core of the Company’s growth in the COAM industry. Now that its restructuring is complete, Lucky Bucks will be refocusing its efforts on offering its customers the broadest range of existing and new games and bringing new innovations to the market. The company looks forward to continuing to work with Georgia legislators and regulators in growing the COAM industry in Georgia in a responsible and efficient manner. Lucky Bucks remains committed to continuing to deliver the same innovative and engaging customer experience business owners and game players have come to know well.
Milbank and Richards, Layton & Finger served as the company’s legal counsel, Evercore Group served as its investment banker and M3 Advisory Partners served as its financial advisor. C Street Advisory Group served as strategy and communications advisor to Lucky Bucks.
Akin Gump Strauss Hauer & Feld and Cole Schotz served as legal counsel, Greenhill & Co. served as financial advisor and OnMessage Public Strategies served as the communications advisor to the ad hoc group of lenders holding term loan secured debt of Lucky Bucks. Latham & Watkins served as legal counsel to certain other lenders holding secured debt of Lucky Bucks.
