The board of troubled clothing retailer Billabong is considering a rival refinancing proposal to the deal it recently reached with a US private equity firm.

The company plans to take a loan of $US300 million from a consortium led by Altamont to help stabilise its business, overhaul its cost structure and pursue a profitable growth strategy.

Altamont will in turn take a large stake in Billabong, which made a loss of more than $500 million in the first half of the 2012/13 financial year.

The value of the company has also plunged by about 90 per cent in the past few years.

But two US hedge funds, Centerbridge and Oaktree, have approached Billabong's board with their own recapitalisation plan, which they say provides Billabong with greater flexibility to address its financial problems.

Centerbridge and Oaktree have offered to pay more than Altamont for a stake in Billabong, and say they will charge a lower interest rate on its loan to the retailer.

"Billabong confirms that the board is considering the proposal and as part of its consideration the board met with the Centerbridge/Oaktree consortium," the retailer said on Friday.

The company wants to finalise a financing package as soon as practical, it said.

Billabong shares gained 3.75 cents, or 6.8 per cent, to 58.75 cents.


Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.




If you have any questions or concerns please email us on


  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.