BYJU's Alpha and Epic! Creations — Representation of GLAS Trust Company LLC, as agent to a co-operative group of institutional lenders, in the Chapter 11 restructurings of BYJU’s Alpha, Epic! Creations, Neuron Fuel and Tangible Play. Following the discovery of extensive fraud within the BYJU’s ed-tech conglomerate, the lenders exercised remedies against BYJU’s Alpha, which commenced Chapter 11 proceedings and successfully obtained summary judgment of more than $540 million each against multiple defendants on account of fraudulent transfers. In addition, the lenders successfully commenced involuntary Chapter 11 proceedings against Epic! Creations and the other U.S. subsidiaries and obtained the appointment of a Chapter 11 trustee, ultimately resulting in $100 million of proceeds from asset sales. Related international proceedings include, among other things, involuntary insolvency proceedings against Think & Learn in India and receivership proceedings against Great Learning in Singapore.
Franchise Group — Representation of Franchise Group, owner and operator of franchised and franchisable businesses, in connection with its Chapter 11 restructuring. Following months of litigation, Kirkland was retained and helped Franchise Group secure a global settlement with its key stakeholders to delever its balance sheet by more than $2.4 billion and emerge from Chapter 11 with a deleveraged capital structure, enhanced liquidity, and a strengthened and simplified business model. In addition to confirming a Chapter 11 plan of reorganization, Franchise Group successfully completed a value-maximizing sale of its Vitamin Shoppe business segment.
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.
Tupperware Brands Corporation — Representation of Tupperware Brands Corporation and its debtor affiliates (Tupperware) in their Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. Tupperware, an iconic American brand founded in 1947, entered Chapter 11 with approximately $810 million in funded debt. Through its Chapter 11 cases, Tupperware sold its brand name and core operating assets to a group of secured lenders in a transaction that will allow Tupperware to continue operating under new ownership with a right-sized footprint. The transaction will also enable Tupperware to preserve numerous employee, sales force, customer and vendor relationships.
