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.
Global Clean Energy Holdings, Inc. — Representation of Global Clean Energy Holdings, Inc. (GCEH) and 14 of its subsidiaries (Global Clean) in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Global Clean is a vertically integrated renewable fuels innovator that produces ultra-low carbon renewable fuels. Global Clean entered Chapter 11 to facilitate a debt-for-equity exchange with certain of the company’s key stakeholders, including lenders holding 96% of the company’s funded secured debt, who are supporting the Chapter 11 through a restructuring support agreement and an agreement to provide the company with approximately $200 million in new money debtor-in-possession capital.
American Tire Distributors, Inc. (2024) — Representation of American Tire Distributors, Inc. and 12 of its debtor affiliates (ATD) in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. ATD operates the largest distribution network of replacement tires across North America. Prior to commencing its Chapter 11 cases, ATD had approximately $1.9 billion in funded debt, across a term loan and asset-based lending facility. ATD executed an RSA with a group of lenders holding more than 90% of their term loan and 100% of their FILO facility and commitments from the same group of lenders as well as their ABL lenders to provide debtor-in-possession financing, which included $250 million of new money commitments.
