In re: Houlihan’s Restaurants Inc., Case No. 19-12415 (MFW)

LRC served as sole restructuring counsel to Houlihan’s Restaurants, Inc. and its affiliates (“Houlihan’s”).  As of the filing of their chapter 11 cases in the United States Bankruptcy Court for the District of Delaware (the “Chapter 11 Cases”), Houlihan’s was a leader in the “polished casual” dining space owning and operating 47 restaurants and 23 franchises in 14 states under 5 banners: (1) Houlihan’s Restaurant + Bar, (2) J. Gilbert’s Wood-Fired Steak + Seafood, (3) Bristol Seafood Grill, (4) Devon Seafood Grill, and (5) Make Room for Truman.  In connection with the Chapter 11 Cases, LRC advised Houlihan’s regarding all issues associated with the Chapter 11 Cases.  LRC, along with Houlihan’s other professionals, negotiated debtor-in-possession financing and a stalking horse asset purchase agreement with Landry’s, LLC (the “Purchaser”) for the acquisition of substantially all of Houlihan’s assets for approximately $40 million and the assumption of extensive liabilities.  Additionally, LRC negotiated a global deal with Houlihan’s secured lenders and Official Committee of Unsecured Creditors (the “Committee”) to resolve objections to the proposed debtor-in-possession financing, bidding procedures and executive bonus plans.  Following the closing of the sale, LRC negotiated the resolution of various post-closing issues and reconciliations with the Purchaser.  LRC also formulated the wind-down strategy, including, among other things, the monetization of various liquor licenses.  LRC successfully developed, documented and negotiated a plan of liquidation (the “Plan”) with the prepetition secured lenders and the Committee.  In connection with the Plan, LRC resolved numerous issues, which allowed for a consensual Plan that was confirmed by the Bankruptcy Court on November 5, 2020 at an uncontested confirmation hearing.  The Plan went effective on November 13, 2020.