Alkegen — Representation of ASP Unifrax Holdings, Inc. and 62 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Texas. Alkegen is a global manufacturer of high performance thermal management, filtration and battery fire protection solutions under a variety of product families. Alkegen commenced Chapter 11 to implement a comprehensive prepackaged restructuring designed to delever its balance sheet by $3.1 billion of its approximately $3.4 billion of funded debt obligations.
Eddie Bauer LLC — Representation of Eddie Bauer LLC and four of its affiliates (EB Retail) in connection with their prearranged Chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey. EB Retail was the exclusive licensee of the iconic Eddie Bauer brand for brick and mortar retail in the United States and Canada, with 175 stores across 46 U.S. states and six Canadian provinces. Following a court-supervised asset monetization and going-concern sale process, the court confirmed EB Retail’s Chapter 11 plan only 2 1/2 months after EB Retail commenced its Chapter 11 cases. The plan implemented a restructuring support agreement supported by all of its secured lenders, addressed the company’s $1.7 billion capital structure, and facilitated the efficient wind-down of EB Retail’s brick-and-mortar stores.
RealTruck — Representation of RealTruck, a premier provider of aftermarket vehicle accessories, in a comprehensive uptier liability management and refinancing transaction that strengthened the company’s liquidity and provided growth capital to support its business plan. The comprehensive transaction included a $300 million new money investment, extended maturities across RealTruck’s capital structure, refinanced approximately $2.6 billion of existing term loans and senior notes, and generated approximately $68 million in discount capture.
Claire’s Holdings LLC — Representation of Claire’s Holdings LLC and 13 of its affiliates in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Headquartered in Hoffman Estates, Illinois, Claire’s is an iconic brand for self-expression, creating exclusive, curated, and fun fashionable jewelry and accessories with over 2,000 stores globally. Claire’s is also a go-to establishment for ear piercing, having pierced over 100 million ears since 1978. Claire’s entered Chapter 11 with over $1 billion in secured and unsecured debt. Claire’s received court approval for a full-chain liquidation at the outset of the Chapter 11 cases. However, a multidisciplinary Kirkland team advised Claire’s in identifying, executing and closing on a going concern sale transaction that contemplates the acquisition of over 800 stores, in consideration for $104 million in cash, a $36 million seller note and assumption of certain liabilities. The sale will preserve thousands of jobs and will allow the Claire’s brand to continue. Additionally, Kirkland represents certain Claire’s entities in connection with parallel European restructuring processes.
