19 Oct Quiksilver Financing Package Approved by Bankruptcy Judge
Quiksilver, Inc. announced that the United States Bankruptcy Court for the District of Delaware approved the full amount of its $175 million debtor-in-possession (DIP) financing package provided by affiliates of Oaktree Capital Management, L.P. and Bank of America, N.A. allowing Quiksilver to continue to fund the Company’s ongoing operations in the U.S. and abroad.
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. The company has sought permission to spend up to $52 million to critical vendors over the course of its bankruptcy restructuring.
“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.
Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle companies, designs, produces and distributes branded apparel, footwear and accessories. The company’s Quiksilver, Roxy, and DC brands have authentic roots and heritage in surf, snow and skate and 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.