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.
Casper Sleep, Inc. — Representation of Casper Sleep Inc., global sleep products company, on a comprehensive recapitalization transaction, which involved a transfer of the business to Carpenter Co., the company’s second lien lender and key supplier, and entirely deleveraged the company’s balance sheet.
