Lenders led by Cerberus Capital Management LP are set to acquire amusement park company Apex Parks Group LLC, which filed for bankruptcy on April 8 in U.S. Bankruptcy Court in Wilmington, Del., The Wall Street Journal reported.

Apex Parks' operations are closed due to the COVID-19 pandemic.

Apex Parks, which is backed by Edgewater Services LLC and an affiliate of Carlyle Group Inc., said it expects its senior lenders to provide a baseline bid against which the court may seek better offers in a court-supervised auction for almost all of its assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million.

The company has 10 entertainment centers and two water parks operating under Big Kahuna's, Sahara Sam's, Boomers and SpeedZone brands in California, Florida and New Jersey.

A Carlyle affiliate owns more than 43% of the equity of Apex, while Edgewater owns more than 26%, The Journal noted.

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