Quik's European and Asia-Pacific businesses remain strong
Surfersvillage Global Surf News, 7 January, 2016 - After lingering disputes over Quiksilver’s bankruptcy turnaround efforts a federal judge in New York will oversee mediation between Quik and its creditors.
Parties involved in the mediation include Quiksilver, a senior lender and a group representing junior creditors. Bankruptcy news reports that the mediation will begin on January 15 in Manhattan and be overseen by Judge Robert Drain of the U.S. Bankruptcy Court.
Quiksilver U.S. filed for bankruptcy in September 2015 and commenced voluntary proceedings for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for its U.S. subsidiaries. The chapter 11 filing, which was supported by 73% of the Company’s senior most class of debt, will facilitate Quiksilver’s financial and operational restructuring, which is designed to restore the Company to long-term financial health.
The Company’s European and Asia-Pacific businesses and operations remain strong and are not part of the original filing.