Quiksilver U.S. Launches Pre-Arranged Chapter 11 Restructuring - Quick Facts

(RTTNews) - Quiksilver, Inc. (ZQK), an outdoor sports lifestyle company, Wednesday said it commenced voluntary proceedings for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware for its U.S. subsidiaries.

The chapter 11 filing, supported by 73 percent of the company's senior most class of debt, will facilitate Quiksilver's financial and operational restructuring to restore the company to long-term financial health.

The company's European and Asia-Pacific businesses and operations remain strong and are not part of this filing.

Additionally, holders of the company's Eurobonds sufficient to waive any technical default arising from the filling have agreed to allow the company to reorganize its U.S. operations in chapter 11.

The company has requested that the Bankruptcy Court approve $175 million in new debtor-in-possession financing with affiliates of Oaktree Capital Management, L.P. and Bank of America, N.A.