To be honest, we’ve recently lacked the rigor required to stay up-to-date on the constantly changing story of Billabong debt, its pending demise, and who they’re going to depend on to save them. The most recent news is that company has landed a refinancing deal with Centerbridge Partners and Oaktree Capital (brave investors) to the tune of $386 million, according to a story in The Australian.
Private equity firm, Altamont Capital Partners, which only months earlier had agreed to recapitalize the group, has been shown the door. . . While Centerbridge and Oaktree, and their affiliates, have not bid to buy the business outright, the consortium will emerge from the deal, if approved by shareholders, with significant control. . . In addition to controlling most of the company’s senior debt, an accompanying $135m equity placement will see it owning up to 40.8 per cent of Billabong’s shares. It will also have the right to install three representatives on Billabong’s board and has brought a new chief executive to the table.
Oh, and Billabong is reportedly completely out of Nixon. That’s likely old news to you, but let us remind you of that rigor thing. Click the link of the rest of the story. Or, if you want to know what Jeff Harbaugh things about it, click here.
[Link: The Australian]
