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.
National Resilience — Representation of National Resilience, a leading a North American contract development and manufacturing organization (CDMO), in a comprehensive out-of-court restructuring of certain lease obligations and a corresponding capital raise of $825 million of new money from Oak Hill Advisors and its co-investors. The comprehensive transactions provide National Resilience with capital to pay down existing debt and fund capital expenditures to build out manufacturing capabilities to support its diverse customer base.
