SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 29, 2000
AMF BOWLING WORLDWIDE, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-12131 13-3873272
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
8100 AMF Drive, Richmond, Virginia 23111
(Address of principal executive offices) (Zip Code)
N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
AMF Bowling Worldwide, Inc. ("Bowling Worldwide") made a $3 million interest
payment on its bank debt on December 29, 2000. The remainder of the $14.7
million of interest due will be paid on a weekly schedule during the first
quarter of 2001. The Company did not make a scheduled principal payment on its
bank debt of $12.8 million due on December 29, 2000.
On August 14, 2000, the Company amended its Credit Agreement to provide for a
reduction of available working capital commitments to $255 million by December
31, 2000 and a waiver of certain financial covenants through December 31, 2000.
In light of on-going discussions with its banks and bondholders related to a
financial restructuring plan, the Company decided not to request a further
modification of the Credit Agreement or an extension of the waiver beyond
December 31, 2000. As previously disclosed, the Company is currently in default
under the Indentures for its bonds. Beginning in 2001, the Company will be in
default under the Credit Agreement and will operate without available capacity
to borrow.
While these discussions continue with its banks and bondholders, management
believes that the Company will have adequate liquidity to support normal
business operations. The Company is unable to predict when or if it will be able
to arrive at a restructuring plan acceptable to its banks and bondholders, or
whether the banks or bondholders will not at any point pursue any or all
remedies available to them, including acceleration of the Company's debt.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 29, 2000 AMF BOWLING WORLDWIDE, INC.
By: /s/ Stephen E. Hare
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Stephen E. Hare
Executive Vice President and
Chief Financial Officer
