Flagging Billabong Eyes Refinancing As PE Suitors Walk Away

Law360, New York (June 4, 2013, 1:20 PM EDT) -- Sputtering surfwear retailer Billabong International Ltd. said Tuesday that a pair of private equity suitors had walked away from lengthy takeover talks, pushing its stock into a freefall and triggering the wavering company's third profit warning in six months.

Instead of a sale, Billabong said it is making moves to refinance itself and potentially sell of certain assets. Sycamore Partners and Altamont Capital Partners, the investment firms that had backed the now-dead rival bids for the clothier, are both in early-stage talks to steer the effort,...
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