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Quiksilver : Postpones Filing of Third Quarter 2015 Form 10-Q and Cancels Scheduled Conference Call

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09/09/2015 | 03:09pm CEST

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.

About Quiksilver:

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, www.roxy.com and www.dcshoes.com.

Forward-looking statements:

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, www.roxy.com and www.dcshoes.com.

© Business Wire 2015
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