Experience

RMH Franchise Holdings, Inc. and affiliates

Young Conaway serves as restructuring counsel to the Debtors.  Prior to the filing of their chapter 11 cases in May 2018, the Debtors formed what is believed to be the second-largest franchisee operator of Applebee’s restaurants, operating 159 restaurants across 15 geographically diverse states. The Debtors filed their chapter 11 cases to further the restructuring efforts they had commenced out-of-court in 2017 through additional lease renegotiations and optimization of their restaurant portfolio, and to avoid the forfeiture of their valuable franchise rights as a result of certain precipitous actions threatened by their franchisor, Applebee’s Restaurants LLC and certain of its affiliates. As sole restructuring counsel to the Debtors, Young Conaway guided the Debtors into the chapter 11 process on an expedited basis, preparing the “first day” pleadings necessary to ensure a smooth transition into chapter 11 for the company’s business operations, and working with the Debtors to further their restructuring efforts by, among other things, closing certain underperforming restaurant locations and rejecting the associated leases and franchise agreements, obtaining authority to make certain post-petition severance payments to their employees in connection with the closed locations, and obtaining Court approval of the Debtors’ sale of certain real property. Most importantly, Young Conaway defeated Applebee’s efforts to terminate the Debtors’ franchise agreements, and ultimately guided the Debtors through a consensual new value restructuring whereby the Debtors’ existing equity holder remained in place and the Debtors emerged with a significantly de-levered balance sheet. Young Conaway continues to advise the Debtors as they analyze claims and various other matters.

HPS Investment Partners, LLC

On November 21, 2018, LBI Media, Inc. and its affiliated debtors commenced chapter 11 cases.  LBI was the largest privately held, minority-owned Spanish-language broadcaster in the United States, having expanded over the years into a national media company that owned or licensed twenty-seven (27) Spanish-language television stations and radio stations in the largest markets in the United States, as well as EstrellaTV, a Spanish-language television broadcast network. Prior to the commencement of the chapter 11 cases, after a competitive process to solicit financing bids to replace its first lien debt, HPS had assumed the rights and obligations of LBI’s first lien noteholders, including those in an intercreditor agreement between the first lien noteholders and second lien secured creditors, which set-out the relative rights, position, and priorities of the Debtor’s first lien and second lien secured creditors. In spite of the intercreditor agreement and the second lien secured creditors’ obligations thereunder not to challenge HPS’s loans, in the chapter 11 cases, a group of the second lien secured creditors attacked those loans, which had the potential to derail LBI’s restructuring with extended litigation. Ultimately, the parties were able to reach a consensual resolution after protracted and contentious negotiations. Young Conaway was retained to represent HPS as co-counsel working with Paul, Weiss, Rifkind, Wharton & Garrison LLP and Mololamken LLP.

Washington Mutual

Young Conaway served as co-counsel to the Federal Deposit Insurance Corporation, in its capacity as receiver of Washington Mutual Bank, chapter 11 debtor in a proceeding before the United States Bankruptcy Court for the District of Delaware

Vertis Holdings, Inc.

Young Conaway served as co-counsel to Quad/Graphics Marketing, LLC, defendants in an adversary proceeding commenced in the chapter 11 cases of Vertis Holdings, Inc. in the United States Bankruptcy Court for the District of Delaware.

Imperial Distributing, Inc.

Young Conaway served as co-counsel to Imperial Distributing, Inc. and certain of its affiliates, which were the largest processors and marketers of refined sugar in the United States. Through a chapter 11 plan of reorganization, Imperial Distributing was able to restructure its approximate $140 million senior secured debt and approximately $250 million subordinated debt.

Penson Worldwide, Inc.

Young Conaway acted as co-counsel to Penson Worldwide, Inc. and its affiliated debtors in their chapter 11 proceeding in the United States Bankruptcy court for the District of Delaware.  The debtors historically provided execution, clearing, custody, settlement and technology products and services to financial firms.

Eagle Geophysical, Inc.

Young Conaway acted as co-counsel to Eagle Geophysical, Inc. and certain of its affiliates in their chapter 11 proceeding before the United States Bankruptcy Court for the District of Delaware. Collectively, the Debtors were a leading international oilfield service company that provided onshore and offshore seismic data acquisition services to energy companies engaged in the exploration and production of oil and gas reserves.