Wall Street

Intrawest Misses $524 Million Loan Payment

by The Editors on December 28, 2009

IntrawestAccording to a story in The Globe And Mail Intrawest missed a $524 million payment to lenders due on Wednesday, December 23, 2009 and are currently in “continuing negotiations with the lenders.”

“Intrawest continues to be in active dialogue with our lenders regarding refinancing a term loan,” chief executive officer Bill Jensen said in a statement. . . Mr. Jensen said Intrawest’s customers at its resorts and property developments as well as Olympic organizers shouldn’t expect any changes, regardless of the negotiations on the loan payment and restructuring. . . “It is business as usual for Intrawest and we are providing our customers and homeowners with the memorable experiences that they have come to expect when they visit our resorts, and will continue to do so regardless of the outcome of these discussions,” he said.

Well, let’s hope it’s not exactly business as usual.

[Link: The Globe and Mail]

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Intrawest Owes $524 Million Today

by The Editors on December 23, 2009

IntrawestDecember 23, 2009 is a big day for Whistler-Blackcomb Resort owning Intrawest ULC and its parent Fortress Investment Group LLC. A reported $524 million payment on a $1.4 billion loan is due, according to a story in Businessweek. And they may not be able to make the payment.

Intrawest, which owns venues being used at the 2010 Winter Olympics, may be pushed nearer to default if it fails to make the $524 million payment after getting a 60-day extension on Oct. 23, according to the people, who asked not to identified because the loan terms are private.

But not to worry, Dave Cobb, deputy chief executive officer for the Vancouver Organizing Committee for the 2010 Winter Olympic Games says everything is fine. “Our venues are finished, preparations are nearly complete and we look forward to welcoming the world to Vancouver.”

Maybe Intrawest owner Fortress Investment Group LLC should just put tip jars all around during the Olympics and ask visitors to pitch in. That might help.

[Link: Businessweek]

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Billabong Buys Into Surfstitch.com

by The Editors on December 22, 2009

Billabong Logo-1After buying Swell.com in the US it appears that Billabong is looking to pick up Surfstitch.com, an Australian online surf retailer, according to a story in the Sydney Morning Herald Billabong.

Billabong International Ltd says it has entered into a conditional agreement to acquire an interest in online board sports retailer, Surfstitch. . . The agreement will allow Billabong acquire a minority equity interest in Surfstitch, with options to acquire 100 per cent of the business.

Add one more right move to Billabong’s growing list.

[Link: Sydney Morning Herald]

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Friday Signs Haakonsen, Blauvelt, Ladley

by The Editors on December 21, 2009

Haak SandbechGreg Martin and the UK-based crew at Friday are proof that doing good work and sticking to the game makes great business sense. And it looks like there are a few others who understand, according to a post on BoardSportsSource.

Friday Management Group (FMG), has announced the signings of snowboard legend Terje Haakonsen (NOR), US star Jake Blauvelt and US up-and-comer Matt Ladley to its roster.

Friday is an agency to watch, most certainly.

[Link: BoardSportsSource]

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Quik Lost $73 Million, Raises All Around

by The Editors on December 18, 2009

Quiks Logo09Fiscal 2009 wasn’t exactly a good one for Quiksilver. The company lost $73 million, but that hasn’t stopped the top executives at the company from getting raises for 2010, according to a story on the OC Retail Blog. Looks like Bob McKnight is a million dollar base salary man again.

Here’s how it looks for next year vs this year (according to an 8-K filing:

Robert B. McKnight, Jr., 2010 $ 1,000,000
Chief Executive Officer and President 2009 $ 903,000

Joseph Scirocco, 2010 $ 550,000
Chief Financial Officer 2009 $ 550,000

Charles S. Exon, 2010 $ 500,000
Chief Administrative Officer,
Secretary and General Counsel 2009 $ 404,000

Pierre Agnes, 2010 $ 475,000 (1)
President – Quiksilver Europe 2009 $ 419,000

Craig Stevenson, 2010 $ 475,000
President – Quiksilver Americas 2009 $ 400,000

Hey, only losing $73 million on $1.98 billion in 2009 revenue is apparently something worth rewarding at Quik.

[Link: OC Register]

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Freecaster.tv Gets Extreme

by The Editors on December 18, 2009

ExtremecasterRaymond Dulieu, the founder of Freecaster.tv, the European online action sports event streamer, has reportedly partnered up his web business with the Extreme Sports Channel, according to a story on Broadband TV News.

As part of the agreement between the two parties, Extreme will see its popular website www.extreme.com rebranded “Extreme.com powered by Freecaster.tv”. . . Online content will be managed by Freecaster.tv and expanded to include live streaming of action sports events.

Sounds like an extreme deal made in extreme heaven.

[Link: Broadband TV News]

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Matthew Perrin’s Missing $32 Million

by The Editors on December 18, 2009

We know full well that former Billabong CEO Matthew Perrin no longer has anything to do with the company, but the stories of his bankruptcy just keep coming and they’re getting better and better. Most recently we read this in the The Australian:

IT was the $66 million share sale that eroded Matthew Perrin’s position as chief executive officer of surfgear company Billabong. . . But yesterday the now-bankrupt entrepreneur could not tell a court what his wife Nicole, whom he suggested had received almost $32 million in proceeds from the sale, had done with the cash. . . “It’s her money, she’s entitled to do what she wants with it,” he said.

Maybe she left it in her other purse. . . wonder if Matt looked there?

[Link: The Australian]

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Rick Alden: Entrepreneur Of The Year

by The Editors on December 17, 2009

Sia09-118Entrepreneur Magazine has named Skullcandy founder and CEO Rick Alden their Entrepreneur of 2009 based on reader voting online.

Inspiration hit Rick Alden on a chairlift, during a snowboarding trip in 2001. The iPod had just been introduced, but none of the headphones were designed to appeal to the iPod-toting action-sports crowd. It was time to change the game. . . Alden, now 45, is riding high. 2008 revenue topped $86 million, and 2009 was expected to reach $120 million.

It seems like months ago, but we think we voted for Rick. You’re welcome.

[Link: Entrepreneur Magazine]

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Is The Broadcast Coming Through?

by The Editors on December 17, 2009

Broadcast-Wheels Loudandclear

The Broadcast skateboarding brand looks pretty legit, huh?

With the help of pro skateboarders Ethan Fowler, Paul Shier, Shiloh Greathouse, Gareth Stehr, Danny Falla, Aaron Harrison, Joel Meinholz, Eric Gilbert, Kevin Coakley, and Connor Getzlaff, Broadcast Wheel Company has developed a premium street and park urethane formula that is the direct result of feedback and testing from droves of skaters who were disappointed with the mediocre wheels that were currently available from other brands.

Click the link for more info.

[Link: Thisisabroadcast]

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Quiksilver Loses $1.7 Million In Q4

by The Editors on December 17, 2009

Quiks Logo09Quik reported numbers for the quarter ending October 31, 2009 today and they were down, but not as far as analysts were expecting, apparently. Analysts figured Quik would be down $6.4 million according to a story in the Orange County Business Journal. Consolidated net revenues for the quarter were down 11% and for fiscal 2009 were down 13% to $1.98 billion.
Bob McKnight’s spin on the whole thing?

“Our fourth quarter was very challenging, as retailers bought conservatively for the holiday season and traffic in our own retail stores remained sluggish through October. In that context, we were pleased that our results were somewhat better than we expected. We also accomplished a number of important business objectives in the quarter. We reinforced our product leadership, maintained and even expanded our leading market share positions and staged a number of major events further connecting our brands with the broad group of consumers that either participate in or are inspired by action sports.”

Follow the jump for the entire press release.
[click to continue…]

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