Quiksilver U.S. Plan of Reorganization Confirmed

Oaktree-Backed Company Expected to Emerge with Rationalized
Operations and Clean Balance Sheet

HUNTINGTON BEACH, Calif.–(BUSINESS WIRE)–Quiksilver, Inc. (the “Company”) today announced that its Plan of
Reorganization (the “Plan”) has been confirmed by the United States
Bankruptcy Court for the District of Delaware, with significant support
from the Company’s major stakeholders, including the official Committee
of Unsecured Creditors. The Company expects to emerge from bankruptcy on
or around the week of February 8.

“This is an important milestone in the evolution of Quiksilver and we
are pleased with the Court’s confirmation of our plan to emerge from
bankruptcy only months after filing our voluntary petitions,” said
Pierre Agnes, Chief Executive Officer of Quiksilver. “This is a
testament to our strong vision, leading and resilient brands, passionate
employees and loyal customers.”

Agnes continued: “Today marks a new beginning for Quiksilver, ROXY, and
DC Shoes. We will emerge as a revitalized and stronger company with
experienced leadership, rationalized operations, a clean balance sheet
and a world-class partner in Oaktree, who brings additional strategic
and operational expertise to our company. The reorganization plan we
have put in place provides us with the strong long-term financial
foundation to fuel the success of our brands globally and positions us
well to reassert our leadership position in the action sports industry.”

“Quiksilver has tremendous brands that customers all over the world
gravitate toward. Their emergence and new strategy will allow them to
focus on innovating best-in-class products while extending the reach and
relevance of their leading brands. Simultaneously, it will allow the
Company to accelerate their ongoing journey of operational excellence,”
said David Tanner, Managing Director of Oaktree. “We look forward to
partnering with Quiksilver management to continue shaping and driving
their multi-year turnaround program.”

As previously announced, the Plan confirmed by the Court today and
expected to become effective on or around the week of February 8 will
allow Quiksilver to execute a financial and operational restructuring –
designed to restore the Company to long-term financial health.
Additionally, pursuant to the Plan, funds managed by Oaktree Capital
Management, L.P. (“Oaktree”) will convert substantial existing United
States debt holdings into a majority of the stock in the reorganized
Company on exit. Through the bankruptcy process, Quiksilver was
effectively able to address both short and long-term financial
challenges and create a solid foundation for the future success of its
brands. Quiksilver is, and as a result of this process will continue to
be, an iconic leader in the action sports market.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Company’s
legal advisor, FTI Consulting, Inc. as its restructuring advisor, and
Peter J. Solomon Company as its investment banker.

About Quiksilver:

Quiksilver, Inc., one of the world’s leading outdoor sports lifestyle
companies, designs, produces and distributes branded apparel, footwear
and accessories. The Company’s apparel and footwear brands, inspired by
a passion for outdoor action sports, represent a casual lifestyle for
young-minded people who connect with its boardriding culture and
heritage. The Company’s Quiksilver, Roxy, and DC brands have authentic
roots and heritage in surf, snow and skate. The Company’s products are
sold in more than 115 countries in a wide range of distribution,
including surf shops, skate shops, snow shops, its proprietary
Boardriders shops and other Company-owned retail stores, other specialty
stores, select department stores and through various e-commerce
channels. For additional information, please visit our brand websites at www.quiksilver.com,
www.roxy.com
and www.dcshoes.com.

Forward-looking statements:

This press release contains forward-looking statements including, but
not limited to, management’s expectations regarding certain business
operations and vendor relationships. These forward-looking statements
are subject to risks and uncertainties, and actual results may differ
materially.
The Company undertakes no obligation to update these
statements, which are made only as of the date of this press release.

For the factors that could cause actual results to differ materially
from expectations, please refer to the Company’s SEC filings and
specifically the sections titled “Risk Factors,” “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and “Forward-Looking Statements” in the Company’s Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q.

Contacts

For Quiksilver, Inc.
U.S. Media:
Julia Young / Christine
Beggan, +1 203 682 8200
quiksilver@icrinc.com
or
European
Media:
Marie-Aurélie Duché, +33 5 59 51 58 49
Marie-aurelie.duche@quiksilver-europe.com
or
APAC
Media:
Tim Duncan / Simon Westaway, +61 3 9600 1979
tduncan@hintons.com.au
swestaway@hintons.com.au