Earlier this year private equity firm Altamont Capital was involved in a bidding war for Billabong with a rival consortium backed by private equity firm Sycamore Partners, but takeover talks ended last month and the company said it was negotiating refinancing deals with the firms.
Oaktree and Centerbridge asked Australian regulators to look into the deal, which they said contained lock-up devices that are anti-competitive and coercive.
The company reported net loss after tax of A$859.5m in its most recent results.
Billabong’s Chairman Dr Ian Pollard said, “Financial stability is critical to rebuilding Billabong. Liquidity has been secured and we are within weeks of finalising our long term funding arrangements. Our shareholders, our staff and our various business partners can be confident that wehave a strong future following the most challenging period in the company’s history.”
He added, “We are soon to transition to a new capital structure and a new CEO who will be leading ongoing reform and rebuilding over the next 24 months. Accordingly, the m,focus will be on sustainable restructuring and improvement rather than solely short term performance and accordingly we are not providing EBITDA guidance.”
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