Quiksilver files for bankruptcy protection

09/09/2015
Surf and snow sports brand Quiksilver has filed for bankruptcy protection in the US, but has said investment firm Oaktree Capital Management is poised to put in enough capital in echange for equity to allow the business to continue and to see out a restructuring process.

The Wall Street Journal put the amount Oaktree was preparing to put in at $279 million. It said that Quiksilver had told the courts on applying for bankruptcy protection that it had assets of $337 million and debts of $826 million.

The same newspaper quoted Quiksilver chief executive, Pierre Agnes, as saying: “After careful consideration, we have taken this difficult but necessary step to secure a bright future for Quiksilver.”