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

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.