Berkeley Capital Corp

Ocean Pacific Sunwear, once the undisputed king of the surf-wear industry, won bankruptcy court approval Tuesday to sell its remaining assets to Berkeley Capital Corp. in San Francisco for $17.1 million. In February, Berkeley agreed to pay $21 million in cash and notes for OP's trademarks and licenses. But the investment group lowered its bid after determining that OP's financial projections were "overly optimistic," according to recent bankruptcy court filings.

Ocean Pacific Sunwear, once the undisputed king of the surf-wear industry, won bankruptcy court approval Tuesday to sell its remaining assets to Berkeley Capital Corp. in San Francisco for $17.1 million. In February, Berkeley agreed to pay $21 million in cash and notes for OP's trademarks and licenses. But the investment group lowered its bid after determining that OP's financial projections were "overly optimistic," according to recent bankruptcy court filings.

Ocean Pacific Sunwear is negotiating its sale to a San Francisco investment group, OP executives said Monday, and an agreement could come soon. The surf-wear licenser, once the giant of the industry, is involved in "substantial negotiation" with Berkeley International Capital Corp., said Michael Balmages, OP's senior executive vice president. "We are extraordinarily close to (signing) a letter of intent with them." No Berkeley representative could be reached for comment.

Ocean Pacific Sunwear is negotiating its sale to a San Francisco investment group, OP executives said Monday, and an agreement could come soon. The surf-wear licenser, once the giant of the industry, is involved in "substantial negotiation" with Berkeley International Capital Corp., said Michael Balmages, OP's senior executive vice president. "We are extraordinarily close to (signing) a letter of intent with them." No Berkeley representative could be reached for comment.

Wickes Cos. of Santa Monica has sold its Yorktowne Inc. subsidiary to a group of institutional investors affiliated with Berkeley International Capital Corp. and members of Yorktowne's management.

Ocean Pacific Names CEO: Ocean Pacific Apparel Corp. announced Monday that it has appointed John Warner as its chief executive officer. Ocean Pacific Apparel was formed in April when Berkeley International Capital Corp. in San Francisco acquired the assets of Ocean Pacific Sunwear Ltd., which had been operating under bankruptcy court protection. The company, based in Tustin, licenses active sportswear under the OP label. Warner, formerly a senior merchandiser with May Co.

Ocean Pacific Sunwear Ltd., which entered U.S. Bankruptcy Court nearly a year ago, on Friday sold its remaining assets to San Francisco-based Berkeley International Capital Corp. in a deal that included $10 million in cash and an estimated $7 million in bonds. The sale previously was cleared by a U.S. Bankruptcy Court judge in Santa Ana.

Bankruptcy Judge OKs OP Sunwear Sale: A U.S. Bankruptcy Court judge in Santa Ana on Friday approved the proposed sale of Ocean Pacific Sunwear Ltd. to a San Francisco investment group. Judge James N. Barr ruled that the sale of the Irvine-based surf wear giant could go ahead with the $21-million sale to Berkeley International Capital Corp., a move that will lift the company out of bankruptcy, said OP Senior Executive Vice President Mike Balmages.

Ocean Pacific Apparel Corp., one of the oldest and best-known surf wear brands in Southern California, said Tuesday that it has been acquired by a Bay Area investment firm. Doyle & Boissiere Fund LLC of San Francisco, a $100 million-plus investment company affiliated with Phoenix-based Finova Group, acquired an 86% stake in the Irvine surf wear maker. Terms weren't disclosed.

At least two investment groups are showing interest in buying out Ocean Pacific Sunwear Ltd., and pressure is mounting on its owners to accept an offer. While the small group that owns OP has spurned such proposals in the past, the partners may be more inclined to accept now. The company's two secured creditors, Wells Fargo Bank and Republic Factors Corp. in Los Angeles, have started court proceedings to attach the partners' personal assets.

John Warner, the newly selected chief executive officer at Ocean Pacific Apparel Corp., knows that the surf-wear company's future will be determined by how well it blends the new and the old. "We have an opportunity to refocus a company . . . that has an overwhelmingly positive image among consumers," said Warner, 43. "But we have to get everyone in the organization heading in the same direction . . . concentrating on putting out the best product in the marketplace."