Struggling surfwear maker Quiksilver Inc. said that it filed for chapter 11 protection for its U.S. units yesterday, Reuters reported. The company listed assets of more than $100 million and liabilities of more than $500 million in the filing. The European and Asia-Pacific businesses are not part of the filing as those "operations remain strong," Quiksilver said. Quiksilver added that holders of its Eurobonds, sufficient to waive any technical default arising from the filing, had agreed to allow it to reorganize its U.S. operations under chapter 11. The company said that it had requested the court to approve $175 million in new debtor-in-possession financing with affiliates of private equity firm Oaktree Capital Management and Bank of America.
