Alamo Drafthouse Cinemas Holdings, LLC
Yatsen Group of Companies Inc.
G.I. Sportz Inc.
Tonopah Solar Energy, LLC
AAC Holdings, Inc.
VIP Cinema Holdings, Inc.
Alpha Entertainment LLC (aka The XFL)
Alpha Entertainment LLC, formerly doing business as the XFL football league, provided high-energy professional football, reimagined for the 21st century with many innovative elements designed to bring fans closer to the players and the game they love. The XFL was not immune to the COVID-19 pandemic, however, and was forced to cease operations in the midst of its inaugural season. Young Conaway was retained as restructuring counsel to Alpha Entertainment after Alpha Entertainment began facing cash flow issues as a result of the league shutdown. Since the commencement of the chapter 11 case on April 13, 2020, Young Conaway led a chapter 11 sale process to preserve and maximize the value of the company’s assets, and on August 7, 2020, Alpha Entertainment obtained authority to enter into an asset purchase agreement with a group led by Dwayne “The Rock” Johnson, The Garcia Companies and Redbird Capital Partners for the sale of substantially all of the company’s assets. The proceeds from the sale satisfied the prepetition financing obligations with Alpha Entertainment’s founder, as well as the secured obligations, and are funding the wind down and the chapter 11 cases.
Welded Construction, L.P
Welded Construction was one of the largest mainline pipeline construction contractors in the United States overseeing pipeline projects in lengths ranging from a few hundred feet to over 200. Young Conaway was retained as lead restructuring counsel for the company after Welded Construction began facing operating cash flow and liquidity issues stemming from a series of discrete challenges related to in-process pipeline projects, including cost-overruns, weather, regulatory delays, government/regulatory mandated shut downs and other matters that, in many instances, were not specific to Welded Construction. Since the commencement of the chapter 11 cases on October 22, 2018, Young Conaway worked with Welded Construction to obtain post-petition financing and negotiated a series of agreements with Welded Construction’s customers to arrange for compensation to complete the pipeline projects that were in various stages of completion. Absent the agreements with the customers to pre-fund ongoing operations, the projects would not have been completed resulting in significant claims and potentially conversion of the chapter 11 cases to chapter 7.
After the completion of the in-process pipeline projects, Welded Construction commenced a marketing process for the company and its assets. With the assistance of Young Conaway, the company obtained authority to enter into an agency agreement with Gordon Brothers and Richie Brothers to sell the company’s extensive inventory of heavy equipment and machinery. The proceeds from the sale and auction process satisfied the postpetition financing facility and are funding the wind down and the chapter 11 cases while the company pursues litigation against certain parties.
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.
CTI Foods, LLC
BeavEx Holding Corporation
Velocity Holding Company
PES Holdings, LLC
Rentech WP U.S., Inc.
Young Conaway served as co-counsel to Rentech, Inc. and its affiliated debtors in their chapter 11 bankruptcy proceedings. Prior to the Petition Date, Rentech was a large international wood fibre processing company, focusing primarily on the manufacture and sale of wood pellets. Young Conaway helped Rentech strategically navigate the bankruptcy process, leading to the consummation and court approval of sales of two of Rentech’s primary business units that did not seek chapter 11 protection, and accomplishing the successful confirmation of the company’s chapter 11 plan.
Panda Temple Power
Catalyst Paper Corp.
American Gilsonite Co
IMX Acquisition Corp.
Altos Hornos de Mexico, S.A.B.
Defined Diagnostics, LLC
Horsehead Holding Corp
Swift Energy Co.
Landauer Healthcare Holdings, Inc.
Young Conaway acted as co0counsel to Landauer Healthcare Holdings, Inc. and certain of its affiliates in their chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware. The debtors are a provider of home medical equipment and related products and services to customers located in the northeast United States.
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