A French investment fund, Rhône, is going to become Quiksilver’s biggest single shareholder through an equity-debt swap negotiated at price of $4.50 a share, very similar to the closing price of $4.47 on the stock exchange prior to the announcement of the deal. Rhône, a major lender to the group, previously obtained warrants to acquire approximately 16.2 percent of Quik’s outstanding shares. Under the new deal, it will come to own shares and warrants representing 24.2 percent of the equity by exchanging $75 million worth of loans for 16.7 million shares. Its stake would rise to about 30.0 percent if Quiksilver decides to exercise within 60 days an option to exchange an additional $65 million worth of debt for shares at the same price. Quiksilver, which had a debt of $587 million at the beginning of this month, interprets the move as a sign of confidence by Rhône in its future recovery.