New parties added to Creditors Committee in Quiksilver BK

The U.S. Trustee has added additional members to the Committee of Unsecured Creditors in the Quiksilver bankruptcy case.

• A representative of T. Rowe Price, a global financial management firm, has been appointed to the committee. T. Rowe Price is a large holder of Quiksilver stock, and owned approximately 14.3% of outstanding shares, according to Quiksilver’s most recent proxy statement filed in February.
• The Wilfrid Global Opportunity Fund.

Those two new members join the others, which include:

• The U.S. Bank National Association – trustees for the $225.4 million for unsecured notes according to court documents.
• New Generation Advisors – a firm based in Manchester, Massachusetts that specializes in distressed investing and owns some of the unsecured bonds. 
• Samil Tong Sang, Co. – a merchandise vendor in South Korea that is owed $5.5 million, according to court documents.
• Simon Property Group, Inc. – the owner of many shopping malls across the country.
• Global Brands Group – a licensing company that is an offshoot of sourcing giant Li & Fung and has the license for Quiksilver and DC kids apparel in the U.S. Quiksilver has indicated it wants to try to cancel those licenses during the bankruptcy process.

The committee also served notice that it plans to depose some Quiksilver board members in early October, an executive at Oaktree Capital Management, as well as some representatives of Peter J. Solomon Company, Quiksilver’s investment bankers who have been searching for sale or refinancing options for the company.

To read more about the role of the Committee of Unsecured Creditors in a bankruptcy case and for other information about how the process works, see our Q&A here.