Quiksilver Files for Bankruptcy

The bankruptcy filing will not affect the company's foreign subsidiaries in Europe and Asia Pacific, and is designed to facilitate a financial and operational restructuring.

Following the filing, Quiksilver will continue to operate business as a “debtor-in-possession” under the jurisdiction of the Bankruptcy Court. At the same time the retailer has entered into a financing agreement with Oaktree Capital Management to receive $175 million in DIP financing to help the company re-emerge from bankruptcy.