By  on July 16, 2013

SYDNEY — A week after unveiling her new women's wear strategy to the U.S. market and after 14 months into the job, Launa Inman has been ousted as Billabong International Ltd. chief executive officer. The move was part of the terms of a refinancing deal struck with a consortium led by former private equity suitor Altamont Capital Partners.

In a statement released to the Australian Securities Exchange late Tuesday afternoon, Billabong said that it has entered into agreements with the Altamont Consortium for a 325 million Australian dollar, or $295 million, bridge loan facility in exchange for 15 percent of the company and the sale of the DaKine brand to Altamont for 70 million Australian dollars, or $64 million. The proceeds will be used to repay in full Billabong’s syndicated debt facilities.

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