{"id":8582,"date":"2009-06-09T08:07:11","date_gmt":"2009-06-09T15:07:11","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=8582"},"modified":"2009-06-09T08:56:30","modified_gmt":"2009-06-09T15:56:30","slug":"quiksilvers-finance-restructuring","status":"publish","type":"post","link":"http:\/\/www.boardistan.com\/?p=8582","title":{"rendered":"Quiksilver&#8217;s Finance Restructuring"},"content":{"rendered":"<p><a href=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2008\/11\/quik-logo.jpg\" onclick=\"window.open('http:\/\/www.boardistan.com\/wp-content\/uploads\/2008\/11\/quik-logo.jpg','popup','width=180,height=53,scrollbars=no,resizable=yes,toolbar=no,directories=no,location=no,menubar=no,status=yes,left=0,top=0');return false\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2009\/06\/quik-logo-tm.jpg\" height=\"58\" width=\"200\" border=\"1\" align=\"right\" hspace=\"4\" vspace=\"4\" alt=\"Quik-Logo\" \/><\/a>The market isn&#8217;t exactly responding joyously to <strong><a href=\"http:\/\/quiksilver.com\/\" target=\"_blank\">Quiksilver&#8217;s<\/a><\/strong> recent Q3 forecast and financial restructuring plans. The stock was trading down 21 percent this morning to $2.83 a share after the company&#8217;s recent plans emerged, according to a story in the <strong><em><a href=\"http:\/\/online.wsj.com\/article\/BT-CO-20090608-712740.html\" target=\"_blank\">Wall Street Journal<\/a><\/em><\/strong>.<\/p>\n<blockquote><p>. . . it [Quiksilver] secured financing from private equity firm <strong><a href=\"http:\/\/www.rhonegroup.com\/\" target=\"_blank\">Rhone<\/a><\/strong> in the form of a five-year, $150 million loan to help stabilize its liquidity position. Quiksilver, which has been exploring strategic and financing alternatives, relies on short-term and uncommitted funding. . . Under the deal, Quiksilver will name two board members designated by Rhone. . . In addition, Quiksilver entered a written commitment with Bank of America Corp. (BAC) and General Electric Co.&#8217;s (GE) GE Capital, as joint lead arrangers to refinance its existing Americas facility with a new three-year, $200 million asset-based credit facility. The company is also in discussions with its French banking partners to consolidate its European debts into a multi-year facility.<\/p><\/blockquote>\n<p>According to <strong><a href=\"http:\/\/www.calpers.ca.gov\/index.jsp?bc=\/investments\/assets\/equities\/aim\/mgrs\/r-u.xml\" target=\"_blank\">Calpers.ca.com<\/a><\/strong> <strong><a href=\"http:\/\/www.rhonegroup.com\/\" target=\"_blank\">Rhone<\/a><\/strong> is a &#8220;private equity firm specializing in leveraged buy-outs of trans-Atlantic and pan-European businesses.&#8221; Guess this means Quik will cover its <strong><a href=\"http:\/\/www.boardistan.com\/?p=6294\" target=\"_blank\">$55 million Euro note that comes due on June 30, 2009<\/a><\/strong>, but what does it mean for the future when two board members are friends of Rhone?<\/p>\n<p>For his part, <strong>Kelly Slater<\/strong> appears to have faith in the company. Much of the compensation for this new 5-year Quik sponsorship deal comes in the form of stock, according to a story on <strong><em><a href=\"http:\/\/www.surfingmagazine.com\/news\/surfing-pulse\/kelly-slater-re-signs-with-quiksilver-060909\/\" target=\"_blank\">Surfingmagazine.com<\/a><\/em><\/strong>.<\/p>\n<p><strong>[Link: <\/strong><strong><a href=\"http:\/\/online.wsj.com\/article\/BT-CO-20090608-712740.html\" target=\"_blank\">Wall Street Journal<\/a><\/strong><strong> and <\/strong><strong><a href=\"http:\/\/www.surfingmagazine.com\/news\/surfing-pulse\/kelly-slater-re-signs-with-quiksilver-060909\/\" target=\"_blank\">Surfing Magazine<\/a><\/strong><strong>]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The market isn&#8217;t exactly responding joyously to Quiksilver&#8217;s recent Q3 forecast and financial restructuring plans. The stock was trading down 21 percent this morning to $2.83 a share after the company&#8217;s recent plans emerged, according to a story in the Wall Street Journal. . . . it [Quiksilver] secured financing from private equity firm Rhone [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[10,6,12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/8582"}],"collection":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8582"}],"version-history":[{"count":7,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/8582\/revisions"}],"predecessor-version":[{"id":8594,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/8582\/revisions\/8594"}],"wp:attachment":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8582"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}