Annoyed Lenders Can Sue Boardriders

by The Editors on October 19, 2022

Lenders have been given the legal go-ahead to sue Quiksilver and Billabong’s parent company Boardriders after the lenders accused the company of “unfairly” benefitting from a rescue financing deal back in 2020, according to a story in the Wall Street Journal.

A New York judge said Tuesday (October 18, 2022) that loan funds managed by Intermediate Capital Group PLC and other investment firms can move ahead with claims against Boardriders Inc. and another group of lenders over a 2020 debt transaction that provided $110 million in capital to the company.

The lenders seem to be bothered because they believe Boardriders got a better piece of the $110 million than they should have. Apparently, they posit that more of said money should have gone to paying them back. We’d read the rest of the story, but we don’t have access to WSJ Pro. If you do, let us know what it all means.

[Link: WSJ Pro]

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: