Quiksilver en faillite (aux US).
Mauvaise nouvelle pour le géant du surf-skate-snow (et un peu plus), qui vient d'être placé en faillite aux US, afin de se laisser le temps d'une restructuration. En résumé :
- Quiksilver continue ses activités aux US, en étant protégé par le "Chapter 11". L'Europe et l'Asie/Pacifique ne sont pas concernés (en théorie).
- L'action Quiksilver a été retirée de la bourse de New York, où elle avait perdu 79% de sa valeur depuis Janvier.
- Le groupe Oaktree Capital financera ce qu'il faut pour permettre à Quiksilver d'aller mieux, et devient majoritaire au capital de la marque. Oaktree s'est récemment fait remarquer en aidant le groupe Billabong à se redresser.
Ceci est une photo de Mathieu Crépel. Selon nous, il devrait être nommé boss de Quiksilver, et tout irait mieux. Photo : pj, Poney Session 2015.
Mauvaise nouvelle pour le géant du surf-skate-snow (et un peu plus), qui vient d'être placé en faillite aux US, afin de se laisser le temps d'une restructuration. En résumé :
- Quiksilver continue ses activités aux US, en étant protégé par le "Chapter 11". L'Europe et l'Asie/Pacifique ne sont pas concernés (en théorie).
- L'action Quiksilver a été retirée de la bourse de New York, où elle avait perdu 79% de sa valeur depuis Janvier.
- Le groupe Oaktree Capital financera ce qu'il faut pour permettre à Quiksilver d'aller mieux, et devient majoritaire au capital de la marque. Oaktree s'est récemment fait remarquer en aidant le groupe Billabong à se redresser.
Ceci est une photo de Mathieu Crépel. Selon nous, il devrait être nommé boss de Quiksilver, et tout irait mieux. Photo : pj, Poney Session 2015.
This procedure does not concern Quiksilver's businesses in Europe and Asia-Pacific.
Following the filing of the proceedings, Quiksilver in the U.S. will continue to operate in the ordinary course of business as a debtor in possession, under the control of the Court. The U.S. entity requested that the Court approves the funding of $175 million by Bank of America, N.A. and Oaktree Capital Management L.P.. Quiksilver considers that this funding will be more than sufficient to ensure ongoing operations in the U.S.. The Company also requested the Court to ease its U.S. entities’ transition into Chapter 11 and protect its stakeholders and its customers.
Oaktree is a leader among global investment managers specializing in alternative investments, with over $100 billion in assets under management. The firm which emphasizes a value-oriented and risk controlled approach to investments has a proven track record of success assisting companies through the restructuring process and in the action sports industry.
The Plan Sponsor Agreement (‘PSA”) with Oaktree provides a comprehensive blueprint for the Company's emergence from Chapter 11 as a going concern pursuant to a plan of reorganization. Oaktree has agreed to provide all necessary funding for the reorganization of U.S. entities and will convert its substantial debt holdings into a majority of the stock in the reorganized Company. The Plan Sponsor Agreement contains certain conditions, including confirmation of a plan of reorganization by the Court.
“After careful consideration, we have taken this difficult but necessary step to secure a bright future for Quiksilver,” said Pierre Agnes, Chief Executive Officer of Quiksilver. “With the protections afforded by the Bankruptcy Code and the financing provided by Oaktree, we will not only be able to satisfy our ongoing obligations to customers, vendors and employees, but we will also have the flexibility needed to complete the turnaround of our U.S. operations and re-emerge as a competitive force in the lifestyle brand marketplace. Our fresh capital structure will enable us to reinvigorate our brands and products. We are confident we will emerge a stronger business, better positioned to grow and prosper into the future.”
Agnes continued: “Oaktree’s financial strength and expertise, deep experience working with companies in situations similar to ours, and successful history operating in our industry make them an exceptional partner for us going forward. We value our wholesale customers as well as our vendors and suppliers and appreciate their support through this process. In addition, we thank our passionate and dedicated employees and athletes who remain our greatest assets. Quiksilver is, and as a result of this process will continue to be, an iconic leader in the action sports market.”
In connection with the filing, the Company intends to continue its existing store closing program to rationalize its store base in the Americas. As is customary, it is anticipated that the Bankruptcy Court will consider the Company’s request for “first day” relief promptly. The requested relief includes requests for the authority to make wage and salary payments, continue various benefits for employees, and honor certain customer programs, such as gift cards and returns on merchandise purchased prior to the filing.
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