West Marine — Representation of West Marine Inc. and seven of its affiliates (West Marine) in connection with their voluntary prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. West Marine is a leading retailer of marine aftermarket parts and accessories with approximately 2,600 crew members and 200 stores across more than 34 states and Puerto Rico. West Marine entered into Chapter 11 with approximately $550 million of total outstanding liabilities and a restructuring support agreement supported by approximately 98% of its capital structure. West Marine will utilize the Chapter 11 process to rationalize its lease portfolio and pursue a standalone recapitalization of its balance sheet that will equitize approximately $251 million of its funded debt, subject to an ongoing marketing process seeking higher and better proposals.
Klöckner Pentaplast of America, Inc. — Representation of Klöckner Pentaplast of America, Inc. (Klöckner) and 24 of its affiliates in its voluntary prepackaged Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Klöckner is a leading global supplier of essential packaging products used by local and multinational businesses across industries from food packaging to medical devices. Klöckner entered into Chapter 11 to implement a comprehensive restructuring transaction that would eliminate approximately €1.3 billion of the company’s €2.32 billion funded debt obligations with the support of certain of the company’s key stakeholders who are supporting the Chapter 11 through a restructuring supporting agreement. As part of negotiations with existing lenders, Klöckner received approval for debtor in possession financing in the amount of €984 million, including approximately €349 million of new money term loans.
