Quiksilver Postpones Filing of Third Quarter 2015 Form 10-Q and Cancels Scheduled Conference Call
September 09 2015 - 9:00AM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150909006027/en/
For Quiksilver, Inc.Julia Young and Christine
Beggan203-682-8200quiksilver@icrinc.com