Quiksilver plan of reorganization receives court confirmation

By Mark Reccek

Bethlehem, Pa., Jan. 28 – Quiksilver, Inc. announced on Thursday its joint plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware, according to a news release.

The company said it expects to emerge from bankruptcy on or around the week of Feb. 8.

“This is an important milestone in the evolution of Quiksilver and we are pleased with the court’s confirmation of our plan to emerge from bankruptcy only months after filing our voluntary petitions,” Pierre Agnes, chief executive officer of the company, said in the release. “This is a testament to our strong vision, leading and resilient brands, passionate employees and loyal customers.”

The release said confirmation of the plan will allow the company to implement financial and operational restructuring, with the goal of restoring the company’s financial health.

According to the release, funds managed by Oaktree Capital Management LP will convert existing debt holdings into a majority of the stock in the reorganized company.

“Through the bankruptcy process, Quiksilver was effectively able to address both short and long-term financial challenges and create a solid foundation for the future success of its brands,” the release said.

Quiksilver, an outdoor sports lifestyle company based in Huntington Beach, Calif., filed for bankruptcy on Sept. 9. The Chapter 11 case number is 15-11880.

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