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.

David’s Bridal, Inc. and it’s affiliates

Young Conaway, along with co-counsel Debevoise & Plimpton, represented the debtors in connection with their $800 million debt restructuring, which was implemented through a consensual chapter 11 plan.  Young Conaway assisted the nation’s largest wedding retailer in meeting its goals to continue to provide uninterrupted, exceptional service to customers during the chapter 11 process and emerge from bankruptcy within two months of filing in time for the peak wedding dress retail season beginning in January 2019.

HCR ManorCare, Inc.

HCR ManorCare logo

HCR ManorCare, Inc. and its non-debtor subsidiaries are a leading national healthcare provider that operate a network of more than 450 locations nationwide providing (a) skilled nursing and inpatient rehabilitation facilities, memory care facilities, and assisted living facilities (b) hospice and home health care agencies; and (c) outpatient rehabilitation clinics and other ancillary healthcare and related businesses.  HCR ManorCare, Inc. commenced its bankruptcy case to effectuate a prepackaged plan of reorganization satisfying the claims of a major creditor and improving its go-forward operations by, among other things, reducing its operating leverage.  Young Conaway was retained as co-counsel in HCR ManorCare, Inc.’s chapter 11 bankruptcy case with Sidley Austin LLP.

JG Wentworth (Orchard Acquisition)

The J.G. Wentworth Company and its affiliated debtors are a leading diversified consumer financial services company focused on mortgage lending, personal and business lending, structured settlements, and prepaid cards.  The J.G. Wentworth debtors commenced their bankruptcy cases to effectuate a recapitalization of their balance sheet on a consensual basis in accordance with the terms of a restructuring support agreement with their primary stakeholders.  Following a mere 36 days, the J.G. Wentworth debtors’ pre-packaged plan of reorganization was confirmed and the company emerged from bankruptcy a week later.  Through the plan, the J.G. Wentworth debtors’ prepetition funded debt, which totaled $449.5 million, was eliminated and the company received $70 million in new funding.  Young Conaway was retained as co-counsel with Simpson Thacher & Bartlett LLP.