Additional $10 Million Authorized for Critical Vendors
HUNTINGTON BEACH, Calif.–(BUSINESS WIRE)–Quiksilver, Inc. (the “Company”) today announced that the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) has approved the full amount of its $175 million debtor-in-possession (DIP) financing package provided by affiliates of Oaktree Capital Management, L.P. (“Oaktree”) and Bank of America, N.A. allowing Quiksilver to continue to fund the Company’s ongoing operations in the U.S. and abroad.
“We are pleased to have Court approval of the final DIP financing allowing our reorganization to proceed on track as well as an additional $10 million to pay pre-petition claims for Critical Vendors”
Quiksilver also received Bankruptcy Court approval of an additional $10 million to honor pre-petition claims for Critical Vendors and will continue to work with the Creditors’ Committee on Critical Vendors among other motions that will help advance the Company’s reorganization.
“We are pleased to have Court approval of the final DIP financing allowing our reorganization to proceed on track as well as an additional $10 million to pay pre-petition claims for Critical Vendors,” said Pierre Agnes, Chief Executive Officer of Quiksilver. “We will continue to work in close cooperation with the Creditors’ Committee to execute our financial and operational restructuring, which is designed to restore the Company to long-term financial health. We look forward to emerging from the Chapter 11 process, a stronger company better positioned to prosper into the future.”
Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Company’s legal advisor, FTI Consulting, Inc. as its restructuring advisor, and Peter J. Solomon Company as its investment banker.
Court filings and other documents related to the reorganization proceedings are available on a separate website administered by the Company’s claims agent, KCC, at http://www.kccllc.net/quiksilver, or www.deb.uscourts.gov, the official Bankruptcy Court website.
About Quiksilver:
Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle companies, designs, produces and distributes branded apparel, footwear and accessories. The Company’s apparel and footwear brands, inspired by a passion for outdoor action sports, represent a casual lifestyle for young-minded people who connect with its boardriding culture and heritage. The Company’s Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate. The Company’s products are sold in more than 100 countries in a wide range of distribution, including surf shops, skate shops, snow shops, its proprietary Boardriders shops and other Company-owned retail stores, other specialty stores, select department stores and through various e-commerce channels. For additional information, please visit our brand websites at www.quiksilver.com, www.roxy.com and www.dcshoes.com.
Forward-looking statements:
This press release contains forward-looking statements including, but not limited to, management’s expectations regarding certain business operations and vendor relationships. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. The Company undertakes no obligation to update these statements, which are made only as of the date of this press release. For the factors that could cause actual results to differ materially from expectations, please refer to the Company’s SEC filings and specifically the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Contacts
For Quiksilver, Inc.
Julia Young and Christine Beggan
+1 203-682-8200
[email protected]
