Zak Read

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.

At Home Group, Inc. — Representation of At Home Group, Inc. and 41 of its affiliates (At Home) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. At Home is a nation-wide home décor and furnishings brand with 260 retail locations and a robust e-commerce website. At Home commenced its Chapter 11 cases with support of approximately 95% of its capital structure to equitize its approximately $1.98 billion in funded debt obligations, and with commitments from its existing lenders for a $200 million new-money debtor-in-possession financing facility to fund the bankruptcy and provide continued liquidity upon emergence. At Home is using its Chapter 11 cases to exit unprofitable store locations and implement a comprehensive restructuring to emerge as a de-levered go-forward business.

Ligado Networks LLC — Representation of an ad hoc group of crossholders of more than $4 billion in principal amount of debt and equity in Ligado Networks LLC (Ligado), a leading satellite communications company, in Ligado’s prearranged Chapter 11 case filed in the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court). Ligado filed for bankruptcy with a restructuring support agreement (RSA) in place that is supported by holders of nearly 90% of the company’s $7.8 billion of aggregate funded indebtedness and a significant portion of its equity. The RSA provides for the conversion of existing debt into new preferred equity, the preservation of the existing interests in the capital structure below the new preferred equity, a commercial agreement with AST SpaceMobile Inc. in respect of spectrum usage rights, and the preservation of Ligado’s $39 billion takings claim against the U.S. government. In addition, the Bankruptcy Court approved a $940 million multi-draw debtor-in-possession credit facility funded in part by the ad hoc group of crossholders that provides Ligado with access to new money financing and will refinance certain of Ligado’s existing debt.

Yellow Corporation — Representation of Yellow Corporation and certain of its subsidiaries (Yellow) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. With its family of brands, including YRC, Reddaway, Holland, and Yellow Logistics, Yellow was a storied trucking and logistics company with a 100-year history and one of the largest less-than-truckload networks in North America. Yellow entered Chapter 11 with approximately $1.2 billion in prepetition funded debt. Yellow secured a $1.525 billion stalking horse bidder for its owned real estate assets and, through its Chapter 11 cases, will conduct a marketing and sale process for some or all of its real estate and rolling stock assets, followed by an orderly liquidation of any remaining assets.

Whittaker, Clark & Daniels, Inc. — Representation of Whittaker, Clark & Daniels, Inc. and its debtor affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Whittaker was a leading producer of talc and other industrial compounds. Whittaker filed its Chapter 11 cases with the goal of equitably and efficiently resolve all valid current and future tort claims asserted against Whittaker and its debtor affiliates.

Avaya Holdings Corp. — Representation of Avaya Holdings Corp. and its affiliates in their prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Avaya Holdings Corp., (Avaya) is a global leader in solutions to enhance and simplify communications and collaboration. With overwhelming consensus from Avaya’s secured lenders and the support of its other key stakeholders, Avaya confirmed its prepackaged plan of reorganization just over a month after it commenced its Chapter 11 cases. The confirmed prepackaged plan reduced Avaya’s total debt by more than 75%, from approximately $3.4 billion to approximately $810 million, substantially increased Avaya’s liquidity position to approximately $650 million, decreased its net leverage to less than 1x, and provided substantial financial flexibility to accelerate Avaya’s investment in its innovative cloud-based communications portfolio. Avaya emerged from Chapter 11 protection as a privately held company approximately five weeks after the bankruptcy court confirmed Avaya’s prepackaged plan.

Bed Bath & Beyond, Inc. — Representation of Bed Bath & Beyond, Inc. and 73 of its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of New Jersey. Bed Bath & Beyond is the largest home goods retailer in the United States, offering everything from bed linens to cookware to home organization, baby care, and more. Bed Bath & Beyond operates hundreds of stores and employs approximately 14,000 people across North America. Through its Chapter 11 case, Bed Bath & Beyond will conduct an orderly and value-maximizing wind down of its business, while simultaneously marketing a sale of all or part of the business. Prior to the Chapter 11 filing, advised Bed Bath & Beyond on a series of complex transactions, including an underwritten public offering for up to $1 billion in proceeds and a concurrent significant amendment of its credit agreement to decelerate the debt, waive certain defaults, and upsize the FILO facility by $100 million.