Quicksilver Inc. (fka ZQKSQ)

[1manband]

how did they get in debt in the first place with such high profits

You do not seem to understand what "profits" means. Quiksilver has no profits whatsoever. They constantly lose money - a lot of it. They borrowed a lot of money to build the business, but that business is unsuccessful. It not only loses money, but it does not generate enough cash to service and repay the debt. This is basic financial information that anyone who buys stocks should know.

The SEC has zero say in anything that happens here, as it is up to the Federal Bankruptcy Court. They have accepted the Plan for implementation, which is happening now. Next month, the final plan will be approved and the common shares will be cancelled.

Anyone that buys and holds the stock will have a 100% loss.