Kirkland Advises Washington Prime Group on Voluntary Chapter 11 Financial Restructuring with RSA

Kirkland & Ellis advised Washington Prime Group Inc. (NYSE: WPG) and certain of its subsidiaries on the filing of voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The Company enters Chapter 11 after executing a restructuring support agreement (the “RSA”) with creditors, led by SVPGlobal, that hold approximately 73% of the principal amount outstanding of the Company’s secured corporate debt and 67% of the principal amount outstanding of the Company’s unsecured notes (collectively, the “Consenting Creditors”). The Company will utilize Chapter 11 to implement a comprehensive and consensual financial restructuring of the Company’s corporate-level debt that will allow the Company to substantially deleverage its balance sheet and strengthen its business and operations going forward, either through a full equitization of the Company’s unsecured notes or an alternative value-maximizing transaction that would repay, in full in cash, all of the Company’s corporate-level debt.

Read the Washington Prime Group press release

The Kirkland team was led by restructuring partners Chad Husnick and Joshua Sussberg.