West Marine Takes Proactive Step to Strengthen Financial Foundation and Position Business for Long-Term Success
Pursues restructuring process with near unanimous support of key financial stakeholders to address capital structure, boost liquidity, and maximize value
Company remains committed to serving boating community as premier omni-channel provider of marine products
West Marine, Inc. (together with its subsidiaries and affiliates, “West Marine” or the “Company”), the nation's leading omni-channel provider in the marine aftermarket, today announced that it has entered into a Restructuring Support Agreement (“RSA”) with the support of its key financial stakeholders, including 96.2% of its term loan lenders, 100% of its FILO lenders, and 93.9% of its equity holders, to pursue a comprehensive restructuring transaction that will allow the Company to delever its capital structure while maximizing value and ensuring continued service to the boating community. To implement the transactions outlined in the RSA, West Marine has filed for voluntary protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
West Marine is open for business. Customers will continue to have access to their favorite marine products through the Company’s approximately 200 retail locations across 34 states and Puerto Rico, online platforms, and the West Marine Pro App.
