Court Confirms Company’s Plan of Reorganization, Subject to Regulatory Approval
Recapitalization Transaction to Reduce Lucky Bucks’ Debt by Over $500 million
New Capital Investment and Support from Major Institutional Investors Positions Reorganized Company for Long-Term Growth and Success
NORCROSS, Ga.–(BUSINESS WIRE)–Lucky Bucks, LLC (“Lucky Bucks”), one of the largest Class B coin operated amusement machine (“COAM”) operators in Georgia, announced that it has achieved confirmation of its Plan of Reorganization (the “Plan”) from the United States Bankruptcy Court for the District of Delaware (“the Court”). Confirmation of the Plan represents a significant milestone in Lucky Bucks’ restructuring efforts.
The financial restructuring contemplated under the Plan will strengthen Lucky Bucks’ capital structure by right-sizing its balance sheet and reducing its debt by over $500 million. Lucky Bucks’ restructuring, which remains subject to regulatory approval, will strengthen Lucky Bucks’ leadership position across the Georgia COAM market.
“Through the collective efforts of our dedicated team and the overwhelming support from our secured lenders, today we celebrate a substantial milestone in our efforts to achieve a strengthened financial position that will create lasting value for our customers, employees, partners and end-users,” said James Boyden, Director and Executive Vice President of Corporate Development of Lucky Bucks. “We are well-positioned to deliver strong future results as we prepare to enter a new and exciting chapter for Lucky Bucks.”
Subject to approval from the Georgia Lottery Corporation, Reorganized Lucky Bucks will emerge from its financial restructuring under the ownership of several top-tier global investment firms, which collectively made a substantial new investment and are focused on supporting Lucky Bucks’ future growth and increased market share.
Court filings and additional information regarding Lucky Bucks’ prepackaged chapter 11 cases is available on a separate restructuring information website administered by Lucky Bucks’ claims, noticing and solicitation agent, Epiq Corporate Restructuring, LLC, which is located at https://dm.epiq11.com/LuckyBucks. Stakeholders with questions about the process may call Epiq at 1-877-621-3093 or +1-503-406-3979 if calling outside the U.S. or Canada.
Milbank LLP and Richards, Layton & Finger, P.A. are serving as legal counsel, Evercore Group L.L.C. is serving as investment banker, and M3 Advisory Partners, LP is serving as financial advisor to Lucky Bucks. C Street Advisory Group, LLC is serving as strategy and communications advisor to Lucky Bucks.
Akin Gump Strauss Hauer & Feld LLP and Cole Schotz PC are serving as legal counsel, Greenhill & Co., LLC is serving as financial advisor, and OnMessage Public Strategies is serving as the communications advisor to the ad hoc group of lenders holding term loan secured debt of Lucky Bucks. Latham & Watkins LLP is serving as legal counsel to certain other lenders holding secured debt of Lucky Bucks.
About Lucky Bucks
Lucky Bucks, LLC is a digital skill-based COAM operator based in and incorporated under the laws of the State of Georgia in the U.S. Its team has a combined 45 years of experience in the Georgia COAM industry. For more information, visit Lucky Bucks’ website at https://luckybucksga.com/
C Street Advisory Group