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]
