A bankruptcy court granted Quiksilver access to a portion of the $175 million in new financing to fund business operations during its restructuring process.
The order is on an interim basis with a final hearing scheduled for Oct. 6.
The court also gave the company interim permission to pay up to $30 million to critical manufacturing vendors, collectively, so that it can continue to receive goods, according to court documents.
Quiksilver also received approval to conduct store closing and pop up stores sales to liquidate excess merchandise via a third party. (See a full list of proposed store closures and more information about pop up stores in our previous story.)
Yesterday’s hearing was the first of many that will occur during the bankruptcy process, which can be complicated and unpredictable.
Quiksilver’s U.S. business filed Chapter 11 bankruptcy Tuesday night. The European and Asia Pacific regions are not part of the filing.
Quiksilver executives met with retailers at Surf Expo Thursday to reassure them after the bankruptcy. Many retailers SES talked to said they would continue to support the company.
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