Quiksilver (ZQK) Stock Dives In Pre-Market Trading On Bankruptcy Filing

New York City (TheStreet)– Quiksilver (ZQK – Get Report) stock is retreating by 79.14 % to 1 cent in pre-market trading on Wednesday early morning, after the business US division submitted for chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware.

The outside sports way of life garments business requested that the court authorize $175 million in brand-new debtor-in-possession financing with affiliates of Oaktree Capital Management (OAK) and Bank of America (BAC).

Huntington Beach, Calif.-based Quiksilver stated the filing is supported by 73 % of the companys senior most class of debt and does not include its European or Asia-Pacific businesses.

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