SYDNEY — Billabong International Ltd shares rallied Tuesday afternoon on news that the company is progressing in refinancing talks with its two most recent failed takeover suitors — Sycamore Partners and Altamont Capital Partners.
The Burleigh Heads, Queensland-based surfwear manufacturer said Tuesday that “refinancing and asset sale discussions are well advanced with both parties.”
Billabong’s shares rose 46.15 percent on Tuesday to end the session at 19 Australian cents, or $0.18.
In the same June 4 announcement, Billabong revealed that it was considering proposals from Sycamore Partners and Altamont Capital Partners for alternative refinancing, the proceeds of which would be used to repay in full Billabong’s existing debt — 286 million Australian dollars as of December 2012, or $264 million at current exchange.
Billabong has previously announced it is exploring the sale of 70-unit Canadian surf chain West 49, which it purchased in June 2012 for 99 million Canadian dollars, or $97 million, at June 2012 exchange — when the chain boasted 138 stores.
Earlier this month Craig Woolford, a senior analyst at Citigroup Australia, estimated that the RVCA brand, which Billabong acquired in 2010 for an undisclosed sum, could be sold for 50 million Australian dollars, or $46 million, while three brands — Billabong, RVCA and DaKine — could fetch a combined 110 million Australian dollars, or $101 million.
“There is no guarantee that binding documentation acceptable to Billabong will be agreed with either Altamont or Sycamore in relation to the potential Refinancing transaction," Billabong said Tuesday.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast