Cedar Fair COO resigns
The second in command at Cedar Fair Entertainment Company has resigned, marking the latest in a series of twists for the amusement park operator this year.
Chief operating officer Jacob Falfas stood down from his position on June 12. His resignation came just three days after Cedar Fair appointed two new members to its board of directors at the request of Q Investments, the company’s largest shareholder.
After a failed $6.5m takeover by Apollo Global Management, the beleaguered Cedar Fair recently announced plans to refinance its own debt, and now plans to issue $500m in so-called ‘junk’ bonds, which would be due in 2020.
The group also plans to take out a $1.05bn term loan and a $300m line of credit as part of a deal being arranged by JP Morgan Chase.