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Paul, Weiss Advises Noteholders Group in Service King Recapitalization

Paul, Weiss is advising an ad hoc group of unsecured noteholders of Service King, a national operator of auto body collision repair facilities, in connection with the company’s recapitalization. The company and its key stakeholders entered into a transaction support agreement that contemplates implementation of a comprehensive recapitalization transaction whereby Service King will receive $200 million in new capital from the ad hoc group of unsecured noteholders, reduce net indebtedness by over $500 million and extend remaining existing funded debt maturities until June 2027. Affiliates of Clearlake Capital Group, L.P. will assume majority ownership of the company. Service King will continue normal operations at all service centers nationwide with no interruptions as a result of this transaction.

The Paul, Weiss team includes, among others, restructuring partners Brian Hermann and John Weber, and counsel Joseph Graham and Sarah Harnett; corporate partners David Huntington, Jeffrey Marell, Paul Sandler, Megan Spelman and Lawrence Wee, and practice management counsel Margot Wagner; executive compensation partner Rebecca Coccaro; intellectual property partner Charles Googe; real estate partner Harris Freidus; tax partners Robert Killip and Brian Krause; antitrust counsel Marta Kelly; and environmental counsel William O’Brien.

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