Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, September 15. In today's briefing, fishing supplier West Marine joined a growing list of companies to restructure out of court this year, while Hawaiian Electric's chief executive has agreed to appear before a U.S. House committee investigating the deadly Maui wildfire.

Boating supplier West Marine to restructure out of court. West Marine, a retail chain that offers boating and fishing supplies, has reached a deal to restructure its roughly $800 million of debt out of court, according to people familiar with the matter.

The Fort Lauderdale, Fla.-based company will receive $125 million of new funds from L Catterton, its private-equity owner, as well as a group of existing lenders, the people said. L Catterton is providing roughly two-thirds of the new money, and will retain control of the business, the people said.

West Marine operates more than 230 stores in 38 states and Puerto Rico and also sells its products online. Greenwich, Conn.-based L Catterton bought the company in 2021.

Congress asks Hawaiian Electric CEO to appear in Maui wildfire inquiry. A U.S. House committee has asked top Hawaii energy officials, including the chief executive of utility Hawaiian Electric, to testify at a hearing on the causes of the wildfire that destroyed the town of Lahaina and killed at least 115 people.

• Context: Hawaiian Electric has drawn scrutiny and litigation over its role in the deadliest wildfire in the U.S. in more than a century, including a flurry of lawsuits from victims’ families and Maui County alleging that its equipment played a role in igniting the blaze. The company has denied wrongdoing, saying that its power lines weren’t responsible for the wildfire, and has blamed Maui County firefighters for an inadequate response.

Middle-market firms shine in subdued private-equity landscape. Buyout firms focused on midsize companies are on track for a record year in private-equity fundraising and deal making even as the broader market has slowed.

Factors that have held down exits include slowing company growth, lender reluctance and economic uncertainty, which have curbed buyer appetite for midmarket deals, PitchBook said in a report released Friday. The middle market, which includes deals that range from $25 million to $1 billion in value, shows strength across the board except when it comes to exits, which remain depressed.

• WSJ Pro Webinar. Asset-based lending is a growing area of private finance, supported by a retrenchment by banks and economic conditions. At the same time, pockets of corporate weakness could create a favorable environment for distressed investing. Our webinar on Sept. 19 will delve into the opportunities in both areas, with perspectives from Evan Carruthers, chief investment officer and co-CEO of Castlelake; Cindy Chen Delano, partner at Invictus Global Management; Sara McGinty, managing director with Ares Management’s Ares Credit Group; and Randy Raisman, managing director at Marathon Asset Management. You can register here.

• As recently as a decade ago, Lazard, which traces its roots to 1848, was considered by many to be the premier independent investment bank. More recently, newer firms such as Centerview and Evercore have encroached on its lucrative business of advising on mergers and other deals.

• Sponsors of the New York Jets and Aaron Rodgers are putting on a brave face after the star quarterback’s season-ending injury.
   
• Flexport founder Ryan Petersen is back at the top of the digital freight startup, but the hard part of executing on the Silicon Valley-style disruption he promised is still ahead.
   
• Company board directors say ESG efforts have brought about real benefits, but the political backlash has had an impact.
   
• 🎧 Listen to the Tillamook County Creamery Association’s Paul Snyder discuss why ESG is fundamental to the way the farmer-owned cooperative manages long-term risks.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Soma Biswas; Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alexander Saeedy; Andrew Scurria; Becky Yerak. 

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