Berkeley Capital Buys Ocean Pacific Assets

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.

Berkeley President Michael Mayer described Ocean Pacific’s brand recognition as “remarkably strong, despite the operational and ownership turmoil which pushed the company into bankruptcy.” Berkeley will market apparel and accessories through Ocean Pacific Apparel Corp., a newly formed company, Mayer said. Ocean Pacific Sunwear’s 30 employees will be employed by the new company.