Despite what you may have heard there are still kids going to snowboard summer camp at Mt. Hood this year. Here’s the latest video news from Windell’s. Looks good, doesn’t it. Click the link if you think you want to go.
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More bad news for Billabong? Is that possible? According to a story in The Australian, it is.
Following this week’s moves by the company to reassure investors that its refinancing plans were progressing, reports have emerged that HSBC and Commonwealth Bank have offloaded about $85 million worth of Billabong’s debt. . . The surprise sales are understood to have occurred at prices 15 per cent to 20 per cent lower than the debt’s face value, with the buyers understood to include illiquid asset specialist Hong Kong-based SC Lowy and Bank of America Merrill Lynch, an existing member of the lending syndicate.
So wait, you’re saying the smart money is leaving Billabong?
[Link: The Australian]
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CNN has a story on Garett McNamara and his general all around radness including surfing that glacier fall wave back in 2007.
As the block of ice plummeted into the Copper River, it created a two-meter-high wave which McNamara surfed — the first and probably only person ever to ride such a swell. . . “It was the closest I’ve ever come to death,” said the man who has surfed nine-story waves on the most rugged coastlines in the world.
So yeah, we never want to do that ever.
[Link: CNN]
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Half of Southern California snowboarding is now up for sale as the owners of Bear Mountain and Snow Summit have put the resorts up for sale according to a post in the OC Weekly.
The San Bernardino Sun, citing county tax records, reports Snow Summit was assessed to be worth $6.14 million in 2012, up from $5.93 million in 2010. Summit bought Bear Mountain for $200,000 in 2003 and that resort was valued at $5.7 million in 2012, according to the Sun.
We’re guessing with the way the world is heating up you could probably get both mountains for less that $7 million. And from the photo above it appears they’re doing their SoCal sexy marketing best to get these resorts moving. Anyone in?
[Link: OC Weekly]
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The Oakley Pro Bali caught us completely off guard (we’ll leave it at that). But now that it’s over it all kind of makes sense as current world champ Joel Parkinson nabbed a victory over Michel Bourez to stay in the hunt for another title.
“That was amazing,” Parkinson said. “That was the coolest experience coming up the sand. It wasn’t the greatest of the finals and I knew it wasn’t over. I figured if I got the best wave towards the end figured I’d have a chance. Michel (Bourez) ripped and was probably the most in form surfer of the event. I dropped off my four fin back to my three fin and just didn’t get a good pump in that one good barrel and was hoping it didn’t lose me the final. From then on I knew I had to go to do turns.”
Congrats, Parko on the win and to Mick Fanning on his move to the ASP World Tour number one spot. For the official word from the ASP, follow the jump. [click to continue…]
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Shaun White’s metaphorical rock star status continues on its literal path this summer as he and his band Bad Things hit the road on tour beginning July 11, 2013, according to a story on Yahoo Music.
“Caught Inside” is the band’s debut track, carried by beachy strums and a strong indie-rock flow. Its title originates from a surfing term to describe the bruising effects of paddling out and becoming dangerously stuck between the shore and where waves break.
To listen to the band’s, not-so-bad song Caught Inside, follow the jump. Oh, and Shaun plays guitar.
[Link: Yahoo Music]
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Yes, it appears that it really has come to this. . .stroke, stroke, stroke.
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After a ride of nearly 15 years, Transworld Surf magazine appears to have come to a closeout. The staff is now reportedly working on the final issue of the magazine. At a meeting this morning (June 25, 2013) in Transworld’s Carlsbad, California offices, it was reportedly announced to the staff that the print magazine would be shutting down, however, the website would continue under the leadership of Justin Cote and Zander Morton.
This news come just one month after it was announced that GrindMedia/Source Interlink had purchased Transworld Media from the Bonnier Corporation. When that transaction was announced GrindMedia Senior Vice President and Group Publisher Norb Garrett said on May 20, 2013 suggested that there were no plans to cut any Transworld brands or employees. How quickly things change.
In an interview posted on the GrindMedia owned Transworld Business Garrett explained the decision:
The first question everybody in the industry asked us was “can you do three surf mags?” That was a question we needed to answer first before we did anything else. While we could have on day one just closed TW Surf, which would have made a lot of sense to a lot of people, I really felt that we owed the brand and the market an opportunity for us to understand more about how the brand fit into the space. That was information we couldn’t get until after we had the brand and could have the conversations with advertisers, people in the industry, and even people outside the industry. Over the last month we spent a lot of time asking that question and the answer we came up with was no.
Garrett said that a few of the staff will be offered other opportunities in the company, and a few employees will be cut. No other title cutbacks were announced in the meetings held June 25, 2013 according to the story, but it seems likely in this changing media environment that more evolution will take place in the coming months. For the rest of Garrett’s interview click the link.
[Link: Transworld Business]
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The Brothers Marshall are continuing to add a little freshness to the stale surf fashion world with their First Point Malibu Summer Lookbook. Our favorite shirt? “Cali Hoale From The Valley.” What else? Brothers Marshall fine surf clothing is available at finer surf boutiques up and down the coast. Look for it.
[Link: Brothers Marshall]
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Billabong’s potential sale of RVCA, Element, or Dakine apparently has investors feeling more positive about the company according to a story on Bloomberg.com.
Shares in the company, which has breached debt repayment terms, surged as much as 35 percent following the statement to the Australian stock exchange and were 31 percent higher at 17 Australian cents at 2:49 p.m. in Sydney.
It’s sad when a 30 percent “surge” takes a stock to 17 cents, but good news is good news. The cause of the surge was a company update (which you can read after the jump) in which Billabong said that it has “entered into separate discussions with Altamont Capital Partners and Sycamore Partners regarding proposals presented to the Company for alternative refinancing and asset sale transactions.”
Guess the big question now is who will get what? [click to continue…]
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