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Quiksilver Receives Court Approval for $175 Million DIP Financing

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 a variety of First Day Motions related to its voluntary chapter 11 restructuring. Collectively, the orders granted by the Bankruptcy Court on either a final or interim basis will help Quiksilver fund its ongoing operations in the U.S. and abroad throughout the restructuring process.

As previously reported, the Company’s European and Asia-Pacific businesses and operations remain strong and are not part of the filing. A majority of the Company’s European bondholders also agreed that the U.S. filing would not affect their debt obligations.

Among the First Day Motions approved, the Court has authorized, on an interim basis, Quiksilver immediate access to $115 million of the $175 million debtor-in-possession (“DIP”) financing provided by affiliates of (NYSE:OAK) Capital Management, L.P. (“Oaktree”) and Bank of America, N.A. The Company anticipates that such financing, in conjunction...