Freeborn was selected as counsel to the official committee of unsecured creditors in the chapter 11 bankruptcy cases of RT Midwest Holdings, LLC and its affiliates (collectively, “RT Midwest”). RT Midwest managed and operated 13 Ruby Tuesday franchise restaurants in Illinois and Iowa. Freeborn advised the official committee of unsecured creditors in the debtors' bankruptcy cases, through which the debtors sought to execute a sale-leaseback transaction that would allow it to downsize and shed its real estate assets and secure indebtedness. Despite the under secured position of the senior secured lender, Freeborn was successful in negotiating a global settlement that will result in an estimated 20% distribution for unsecured creditors, which was accomplished by convincing the secured lender to waive its $13 million deficiency claim, and the debtors' franchisor to waive its $2.5 million unsecured claim and approximately $500,000 of its administrative claim. The debtors’ proposed plan of reorganization, which incorporates the foregoing terms, is currently being solicited for approval.