LRC, as co-counsel with Kramer Levin Naftalis & Frankel LLP, represented Autobacs Seven Co., Ltd. (“AB7”) in connection with the chapter 11 proceedings of Autobacs Strauss, Inc. and certain affiliates (“Autobacs”). AB7 through a subsidiary purchased Autobacs, an auto supply retailer, in a 2007 bankruptcy proceeding, and loaned the reorganized company nearly $50 million before Autobacs filed for chapter 11 protection again in 2009. LRC provided strategic advice to AB7 regarding a loan claim of approximately $44 million and defense of a complaint filed by the Official Committee of Unsecured Creditors against AB7 seeking recoveries in excess of the $44 million loan amount. LRC also advised AB7 in structuring a mediation process and related settlement negotiations that culminated in a favorable settlement in March 2013 of all claims asserted against AB7.
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