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 09/09/2015BBC News - Quiksilver files for Chapter 11 bankruptcy in the US  
 
 

Quiksilver files for bankruptcy in US

 
 BBC News reports that Quiksilver has filed for bankruptcy in the US after it lost 79% of its market value this year.
It said in a statement however that its operations outside the US are not part of the Chapter 11 filing.
Quiksilver said Oaktree Capital Management will provide the company with the $175m (£113.73m) it needs to restructure "and fund its ongoing operations in the US and abroad".
The deal is still subject to court approval.
Quiksilver chief executive Pierre Agnes said in a statement that the firm had taken the "difficult but necessary step to secure a bright future for [the firm]".
"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 US operations and re-establish Quiksilver as the leader in the action sports industry," he said.
  
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