The Takeovers Panel has approved a revised rescue deal struck by the struggling surfwear company Billabong and a US private equity firm.
The panel says Billabong and the Altamont consortium revised their debt repayment deal after it signalled it would block the agreement.
In a statement, the Takeover Panel says proposed interest charges on a loan extended to Billabong and a planned termination fee for the deal were unacceptable.
"After being informed of the panel intended the make a declaration of unacceptable circumstances, the Altamont Consortium advised that they would renegotiate their agreements," the statement said.
A rival group of US private equity firms had asked the Takeovers Panel to rule on the initial deal, warning it could block rival offers and Billabong shareholders could be forced to accept the deal as it was.
In a statement, Altamont says it is pleased to be moving forward with a deal to secure Billabong's future.
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