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  • 04. Dezember 2020

    Boardriders Credit Agreement

    You herely appoint us as agent, with the full authority to enter and execute a document and/or perform any act we deem appropriate to confirm the granting of rights, consents, agreements and waiver declarations in accordance with this Agreement. They asked the New York Supreme Court to terminate the transaction and accused the new lenders of violating the terms of their original loan agreement with Quiksilver`s parent company, Billabong, Roxy and other stock brands. They want the court to require new lenders to buy enough debt to obtain a proportionate shareholding from all lenders. The applicants argue that the „Rollup“ transaction was unfair to them because, according to the credit agreement in force in 2018, all lenders of the First Lien loan must be treated on the same level. They refer to advances as a concrete example of equal treatment: first-faith loans cannot be paid in proportion to boardriders among lenders unless lenders sell their position in „Open Market Purchases“ or 100% of lenders accept unequal treatment. We are pleased with your feedback and comments on websites and our products. In addition, websites allow some users to post comments and product reviews that may be accessed by other users. If you post or send us comments, comments, testimonials, comments, notes, notes, messages, ideas, suggestions or other messages (together „Comments“) on websites, whether through websites, e-mail, facsimile, email, email or otherwise, you grant or guarantee that the owner of these comments expressly grants the company a non-exclusive free, fully paid, unlimited duration, irrevocable, global, unlimited, license sub-licensed and transferable for use, reuse, reproduction, sublicensing, creation of derivative works, modification, publication, editing, translation, distribution, distribution, transmission, printing, copying, hosting, storage, cache, archives, index, categorization, comment, transfer, distribution, import, export, exhibition and display of communication material or content in any medium or medium or other form , format or forum that is now known. The company can sublicens its rights to several levels of sublicensing. You should not send us comments that you do not wish to grant us a license.

    The company is not and is not required: (1) to keep any comments confidential; (2) compensation for comments to be paid; or (3) respond to comments. You grant the company the right to use the name you submit in relation to the comments. You accept the above grant of rights, consents and agreements, whether or not your comments are used by us. The complainants recall that the accused discovered that they could face a potential dispute by calling the agreements in which the $321 million opened under the name of „Open Market Purchase Agreements“ „clear“. However, the applicants point out that the old credits were valued at the same time at face value for roll-up purposes and that they were traded in the debt market in difficulty „at the level of 50% to 60%“. The newly indebted boardriders will include a $150 million revolving credit facility and a $450 million long-term loan with priority debt, the sources said. By making use of this exemption for purchase on the open market, the complaint argues that Boardriders` equity sponsor chose „a privileged group of lenders“ (including some equity sponsor partners) to exchange $321 million of their existing debts at the same level, as these debts were introduced into a new priority credit super-facility that would be ahead of the remaining debts under the 2018 credit contract.

    Verfasst von Stefan Oberhauser

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    Veröffentlicht in Allgemein


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