West Marine yesterday announced that it has emerged from Chapter 11 bankruptcy, completing its comprehensive financial restructuring and positioning the company “to better serve its customers across every channel,” the company said in a press release.
“Today marks an important milestone for West Marine and the beginning of an exciting new chapter for our business,” CEO Paulee Day said in the release. “Throughout this process, we remained focused on what matters most: serving customers, supporting the boating community and preserving the legacy of a company that has been helping people enjoy time on the water for generations. Thanks to the support of our customers, vendors, partners and financial stakeholders, and the unwavering dedication of our crewmembers, we are emerging as a stronger company positioned to build on momentum and serve the boating community for years to come.”
Some creditors report not receiving total remuneration. “At this point I have not been made whole, been paid 6.6% of the total that is owed,” David Kelton, of American Blue Claw, told Trade Only Today.
Kelton was owed approximately $12,000, according to previous reporting.
Additional information on the Chapter 11 case can be found here.
Stakeholders can also contact Kurtzman Carson Consultants (dba Verita Global), West Marine’s noticing and claims agent, at (866) 967-1786.
Editor’s note: It is unclear which other creditors were and which were not paid. This is a developing story that will be updated.
