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Compiled by Chris Woodyard / Times staff writer
Licensing Deal: Ocean Pacific Sunwear Ltd., the surf-wear titan of Tustin, has signed an agreement that makes Mitsubishi Corp. OP’s master licensee in Japan.
The 15-year agreement with the Japanese conglomerate is structured to give OP an up-front royalty fee of $2 million. The money will bolster OP’s cash position as it prepares to file a reorganization plan in U.S. Bankruptcy Court in Santa Ana, where it filed earlier this year for protection from creditors under Chapter 11 of the bankruptcy code.
“This agreement represents a major shot in the arm,” OP Chairman Jim Jenks said. “We view this as a sign of continued global confidence in our brand.”
