West Marine, a major U.S. boating supply retailer, has filed for Chapter 11 bankruptcy protection as part of a prearranged effort to restructure its debt while continuing operations.
The Fort Lauderdale, Florida-based company announced it has entered into a restructuring support agreement backed by key financial stakeholders, including more than 96% of its term loan lenders and nearly 94% of its equity holders. The agreement is designed to reduce debt and strengthen the company’s financial footing.
As part of that plan, West Marine filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware…