Fried Frank successfully represented Spirit MTA REIT (SMTA) generally and in its capacity as a last-out secured lender to Shopko Stores Operating Co., LLC (Shopko), in connection with Shopko's chapter 11 cases pending in the United States Bankruptcy Court for the District of Nebraska. Having revised and modified its proposed chapter 11 plan to address all issues and objections advanced by SMTA and other parties in the chapter 11 cases, Shopko successfully confirmed its chapter 11 plan of reorganization on June 7, 2019. In late August 2019, SMTA received the final installment of payment, in full, of its secured loan.
SMTA is a net-lease REIT headquartered in Dallas, Texas and is a wholly-owned subsidiary of Spirit Realty Capital, Inc., a net-lease REIT that invests in single-tenant, operationally essential real estate.
Fried Frank is also concurrently representing SMTA in connection with its ongoing efforts related to a sale of assets in the amount of US$2.4 billion, announced June 3, 2019.
The Fried Frank team was led by restructuring and insolvency partners Brad Eric Scheler, Peter B. Siroka, and Gary L. Kaplan and included corporate partner Philip Richter; litigation partner Michael C. Keats; and restructuring and insolvency associates Bryan M. Cimala, Amy Faraday, and Andrew Minear.