L Catterton’s West Marine Seeks Lender Support for Debt Deal

West Marine Inc. is soliciting lender support for a deal that would see its private equity owner, L Catterton, push down its own debt holdings in the repayment line and inject new money into the boating retailer, according to people familiar with the situation.

The proposal would see first-lien lenders receive most of their interest in-kind, and second-lien lenders receive all of their interest in-kind, until at least the end of the year, said the people, who asked not to be identified because the matter is private.

Additionally, the deal would split existing first-lien and second-lien loans into different ...