By  on August 21, 2013

SYDNEY — The Australian Takeovers Panel has forced Billabong International Ltd. to renegotiate the terms of a refinancing deal that stands to give a consortium led by U.S. private equity firm Altamont Capital Partners a 40.49 percent stake in the company — theoretically putting Billabong back on the table.

Altamont’s already completed rescue package of 395 million Australian dollars, or $364 million at current exchange — comprised of a $294 million bridge loan facility and the sale of the DaKine brand for 70 million Australian dollars, or $65 million — was announced on July 16.

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