Republic National Distributing Company, LLC — Representation of Republic National Distributing Company, LLC and 17 of its subsidiaries (RNDC), in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. RNDC was, at its height, the second largest alcohol beverage distributor in the nation, with relationships with over 2,000 suppliers and 170,000 customers across its expansive nationwide distribution network. In advance of the Chapter 11 filing, Kirkland advised RNDC on the consummation of multiple going-concern sale transactions, which generated more than $1.1 billion in aggregate sale proceeds. RNDC commenced their Chapter 11 cases with a $250 million in debtor-in-possession financing facility to pursue additional value-maximizing sale transactions and effectuate an orderly wind-down of the business.
Optiv — Representation of Optiv, a leading cybersecurity solutions and services provider and portfolio company of KKR, on a bespoke and comprehensive liability management transaction with existing lenders across its entire capital structure. The transaction, which was supported by all of Optiv’s existing lenders and its sponsors, resulted in significant maturity extensions under Optiv’s existing facilities that provides the company with extended runway to continue investing in its platform and exploring value-maximizing growth opportunities.
West Marine — Representation of West Marine Inc. and seven of its affiliates (West Marine) in connection with their voluntary prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. West Marine is a leading retailer of marine aftermarket parts and accessories with approximately 2,600 crew members and 200 stores across more than 34 states and Puerto Rico. West Marine entered into Chapter 11 with approximately $550 million of total outstanding liabilities and a restructuring support agreement supported by approximately 98% of its capital structure. West Marine will utilize the Chapter 11 process to rationalize its lease portfolio and pursue a standalone recapitalization of its balance sheet that will equitize approximately $251 million of its funded debt, subject to an ongoing marketing process seeking higher and better proposals.
