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.
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, one of the largest privately held car wash operators in the United States, emerged from Chapter 11 with a plan of reorganization supported by 100% of its lenders. Through the restructuring, Zips eliminated approximately $275 million of funded-debt obligations and rationalized its site footprint by exiting unprofitable locations and shedding hundreds of millions of dollars of go-forward lease liabilities.
