ZIPS Car Wash Restructures Debt in Chapter 11 Exit with Paul Hastings' Guidance
Deal News | May 08, 2025 | Paul Hastings
Paul Hastings LLP played a pivotal role in advising an ad hoc group of lenders during their exit from ZIPS Car Wash, LLC’s Chapter 11 restructuring. The restructuring plan notably involved reducing ZIPS's debt obligations and establishing a new revolving credit facility to ensure liquidity for future ventures. The advisory team comprised Financial Restructuring partners such as Justin Rawlins and Robert Nussbaum. Paul Hastings, recognized for their excellence across core legal practices, extends its elite advisory services to investment banks, asset managers, and corporations globally.
Sectors
- Legal Services
- Automotive Services
- Financial Services
Geography
- United States – The legal restructuring and advisory services by Paul Hastings, as well as ZIPS Car Wash’s operations, are based in the US.
Industry
- Legal Services – Paul Hastings LLP is a premier firm involved in the legal advisory for the Chapter 11 restructuring process.
- Automotive Services – ZIPS Car Wash, LLC operates within the sector of providing car wash services.
- Financial Services – Involving a group of lenders who are directly serving in the financial aid and restructuring of ZIPS Car Wash, LLC.
Financials
- Not Specified – The article indicates ZIPS reduced its debt and secured a new credit facility but does not specify amounts.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paul Hastings LLP | Legal Advisor to Lenders | Company | A leading law firm providing restructuring and financial advisory services. |
| ZIPS Car Wash, LLC | Target Company | Company | A car wash company undergoing Chapter 11 restructuring. |
| Justin Rawlins | Partner at Paul Hastings | Person | Financial Restructuring partner leading the advisory team. |
| Robert Nussbaum | Partner at Paul Hastings | Person | Financial Restructuring partner co-leading the advisory team. |