Rossi sells for a fraction of original price

According to Reuters, Quiksilver Inc will only receive 40 percent of the originally agreed to 100 million-euro price for its Rossignol business, given the current economic turmoil. Quiksilver reimbursed its European bank group 15 million euros on Friday, and the remaining 55 million euros will be extended until March 14, 2009.

According to Reuters, Quiksilver Inc will only receive 40 percent of the originally agreed to 100 million-euro price for its Rossignol business, given the current economic turmoil. Quiksilver reimbursed its European bank group 15 million euros on Friday, and the remaining 55 million euros will be extended until March 14, 2009.
     The company hired Morgan Stanley to assist in garnering additional funding, and is also reviewing private equity investment capital. Shares of Quicksilver, which were once at a 52-week high of $13.69 a year, were trading up 20 cents at $2.71 Friday morning on the New York Stock Exchange.
     Quiksilver first agreed to sell its Rossignol ski business to Chartreuse & Mont Blanc, a group led by Rossignol's former CEO, in August. "In this time of unprecedented challenge in the global credit markets, price concessions were required to achieve a final sale of Rossignol," Chief Executive Robert McKnight said in a statement.