Quiksilver, Inc. (NYSE:ZQK; the “Company”) today announced it has filed
a Notification of Late Filing on Form 12b-25 with the Securities and
Exchange Commission that the financial statements to be included in the
Company’s Form 10-Q for the quarter ended July 31, 2015 could not be
completed within the required deadline. The Company expects to file such
10-Q no later than September 14, 2015. The Company also announced that
it cancelled its previously scheduled conference call to discuss third
quarter financial results.
As previously announced, Quiksilver and each of its wholly owned U.S.
subsidiaries, filed voluntary proceedings in the United States
Bankruptcy Court for the District of Delaware seeking relief under
chapter 11 of the United States Bankruptcy Code on September 9, 2015.
The Company concurrently announced that in connection with such chapter
11 filing, it also entered into a Plan Sponsor Agreement (“PSA”) with
respect to the terms of a proposed plan of reorganization with certain
funds affiliated with Oaktree Capital Management, L.P. where the
Company’s existing debt will be reduced by over $500 million, including
the extinguishment of all of the Company’s 2018 Notes and 10.000% Senior
Notes due 2020. Given the significance of such chapter 11 filings,
proposed restructuring and the other transactions to be addressed, the
Company was unable to meet the filing deadline.
Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle
companies, designs, produces and distributes branded apparel, footwear
and accessories. The Company’s apparel and footwear brands, inspired by
a passion for outdoor action sports, represent a casual lifestyle for
young-minded people who connect with its boardriding culture and
heritage. The Company’s Quiksilver, Roxy, and DC brands have authentic
roots and heritage in surf, snow and skate. The Company’s products 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. For additional information, please visit our brand websites at www.quiksilver.com,
This press release contains forward-looking statements including, but
not limited to, statements regarding management’s expectations for the
timing of certain securities filings. These forward-looking
statements are subject to risks and uncertainties, and actual results
may differ materially. The Company undertakes no obligation to
update these statements, which are made only as of the date of this
press release. For the factors that could cause actual results to
differ materially from expectations, please refer to the Company’s SEC
filings and specifically the sections titled “Risk Factors,”
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations” and “Forward-Looking Statements” in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q.
NOTE: For further information about Quiksilver, Inc., please
visit our website at www.quiksilverinc.com.
We also invite you to explore our brand sites, www.quiksilver.com,
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