December 16, 2016
Inglewood Engagement Wins Turnaround/Transaction of the Year
The Ohio Chapter of the Turnaround Management Association has awarded the Quaker Steak & Lube Team its annual Turnaround/Transaction of the Year for 2016. John K. Lane, Inglewood's CEO/Managing Director, served as Interim CFO for Quaker Steak & Lube and his Inglewood partner, Stuart Saddler, served as Interim Controller. The Quaker Steak & Lube Team receiving the award included Mr. Lane, Mr. Saddler, its outside counsel, the counsel for the unsecured creditors committee and the financial advisor for the unsecured creditors committee.
The Quaker Steak & Lube Team was credited with saving an iconic 40-year-old brand and 1,000 jobs through the sale of the company's operations to TravelCenters of America (TA), which was accomplished through a Section 363 sale in U.S. Bankruptcy Court. Inglewood was instrumental in identifying TA as a potential buyer and setting up the initial negotiation meeting only 11 days after Inglewood's being engaged by Quaker Steak & Lube. It took the transaction team only 42 days from the initial negotiation meeting with TA to finalize an asset purchase agreement and prepare for the required bankruptcy filing.
A loan officer at one of Quaker Steak & Lube's lending banks stated, "When I saw that Inglewood had gotten involved, I knew that things were going to start happening." Greg Lippert, Quaker Steak & Lube's CEO through to the transaction date said, "Inglewood was with us every step of the way. They were a great partner and one that we would highly recommend. They exude integrity and are results driven."
On November 1, 2016, TA announced in a press release, "Plans for this popular restaurant chain include aggressive growth nationwide."