Zips Car Wash Files Chapter 11 Bankruptcy in Texas (1)

Zips Car Wash filed for Chapter 11 in the US Bankruptcy Court for the Northern District of Texas.

• Expects to reduce its debt obligations by ~$279m and secure $15m of new capital
• Expects to emerge from Chapter 11 in about 2-3 months under the ownership of its existing lenders
• Separately in a court filing, the company lists $500m-$1b for assets and $1b-$10b for liabilities
• NOTE: Zips Car Wash Seeks Rent Concessions as It Burns Through Cash

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(Updates with liabilities and assets.)

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Greg Chang in ...