Ropes & Gray Advises Lenders In Checkers Recapitalization Agreement

Ropes & Gray represented second lien lenders in the recapitalization of Checkers Drive-In Restaurants Inc. The agreement, announced in a June 20 press release, reduces Checkers’ long-term funded debt from approximately $300 million to $75 million.

The agreement also provides Checkers with an additional $25 million in new debt financing commitments to fund store remodeling and other initiatives. The Tampa, Fla.,-based fast-food chain operates and franchises more than 800 Checkers and Rally’s restaurants.

The Ropes & Gray team was led by business restructuring partner Matthew Roose and capital solutions & private credit partners Patrick Dorime and Milap Patel.