Zips Car Wash, LLC — Representation of Zips Car Wash, LLC and certain of its affiliates in their prearranged Chapter 11 cases in the U.S Bankruptcy Court for the Northern District of Texas. Zips is one of the largest privately held car wash operators in the United States, with more than 260 locations across 23 states. Zips entered Chapter 11 to implement a pre-negotiated restructuring plan supported by 100% of its lenders, who hold over $650 million in debt obligations. Through the restructuring, Zips will eliminate $280 million of funded debt, shed hundreds of millions of dollars in lease liabilities and obtain $30 million in new money financing to fund the reorganized business.
MultiPlan Corporation — Representation of MultiPlan Corporation (“MultiPlan”) (NYSE: MPLN), a leading provider of healthcare technology and data solutions, in a comprehensive refinancing of its debt capital structure through a series of exchange transactions. The transactions launched following the execution of a transaction support agreement with certain ad hoc groups of lenders collectively owning approximately 78% of MultiPlan’s outstanding debt. Over 99% of MultiPlan’s debt holders across four tranches of debt, including a revolving credit facility, term loan, and secured, unsecured, and convertible PIK notes, participated in the transactions, which extended maturities on approximately $4.5 billion of funded debt and positioned MultiPlan for more sustainable long-term growth. The exchange transactions were announced on December 24, 2024, and closed on January 30, 2024.
Pluralsight, LLC — Representation of Pluralsight, LLC and its affiliates (“Pluralsight”), a leading technology workforce development company, in a comprehensive transaction that included a recapitalization and exchange of existing secured debt. The transaction, which was supported by all of Pluralsight’s existing lenders and its sponsor, significantly reduced funded debt by approximately $1.2 billion, strengthened Pluralsight’s balance sheet, and infused more than $200 million of new capital into the business to support long-term strategic goals and accelerate growth initiatives.
Hoonigan — Representation of Hoonigan and 26 of its affiliates (collectively, “Hoonigan”) in their prepackaged cases filed in the United States Bankruptcy Court for the District of Delaware. Hoonigan is a global designer and supplier of premium aftermarket automotive products, reaching millions of customers through a broad network of distributors, e-commerce platforms, and digital content. Hoonigan commenced its prepackaged cases with a consensual deal with a majority of its debtholders and sponsor that contemplates eliminating approximately $1.2 billion of its $1.7 billion prepetition funded debt and leaving general unsecured claims unimpaired.
Envision Healthcare Corp. — Representation of Envision Healthcare Corp. and 216 of its affiliates in the commencement of pre-arranged Chapter 11 cases. Envision is a leading national medical group that employs or partners with more than 21,000 clinicians and provides care to patients across the U.S., with nearly 30 million patient visits each year. The debtors confirmed two Chapter 11 plans of reorganization (on account of its two credit silos) that resulted in a deleveraging of more than $7 billion, more than $2 billion in exit financing, and laid the groundwork for the operational separation of the debtors’ physician services and ambulatory surgery center business lines, all on a substantially consensual basis.
WeWork, Inc. — Representation of WeWork, Inc. and its debtor affiliates — the leading global flexible space provider — in their Chapter 11 cases in the United States Bankruptcy Court for the District of New Jersey. With approximately $17 billion in funded debt and lease obligations at the time of filing and posing complex, novel issues of international, regulatory and foreign law, WeWork, with over 500 entities, is one of the largest jointly administered Chapter 11 cases in history. Through its Chapter 11 cases, WeWork was able to equitize all $4.3 billion of its funded indebtedness, right size its lease portfolio and reduce future obligations by $11 billion as the result of a pioneering strategy for rent negotiations, facilitate a global settlement with numerous stakeholders and navigate complex cross-border issues.
