Latham & Watkins Advises Save A Lot in Successful Completion of Business Recapitalization

Cross-office finance, restructuring, real estate, and corporate team represented the discount grocer in the business recapitalization.

April 20, 2020

Latham & Watkins represented Save A Lot, a US discount grocer, in the successful completion of a comprehensive recapitalization of the business and significant deleveraging of the company’s balance sheet. Under the terms of the agreement, which was supported unanimously by all constituents, the company has completed debt-for-equity and debt-for-debt exchanges that eliminated ~US$500 million in debt and provided an infusion of US$350 million in new capital from a combination of new and existing lenders to support the company’s operations and acceleration of its transformation plan.

Washington D.C. partners Jeffrey Chenard and Scott Forchheimer led the finance team, with associates Jennifer Kent, Marie Greenman, Maggie Wilder, and Patrick Dittmer. New York partner Mitchell Seider and counsel Adam Ravin led the restructuring team, with New York associates Liza Burton, Madeleine Parish, Christopher Stratigeas, Viola So, and Chicago associate Brett Newman. Advice was also provided on real estate matters by New York partner Dara Denberg, with San Diego associate Aaron Friberg and New York associate Thomas Ficchi; and on corporate matters by Washington, D.C. partner Paul Sheridan, with Chicago associates Owen Alexander, Sean Parish, and Lucy Chauvin.

Notice: We appreciate your interest in Latham & Watkins. If your inquiry relates to a legal matter and you are not already a current client of the firm, please do not transmit any confidential information to us. Before taking on a representation, we must determine whether we are in a position to assist you and agree on the terms and conditions of engagement with you. Until we have completed such steps, we will not be deemed to have a lawyer-client relationship with you, and will have no duty to keep confidential the information we receive from you. Thank you for your understanding.