Billabong Says Rival PE Rescue Bid Came Too Late

Law360, New York (July 18, 2013, 1:14 PM EDT) -- Sputtering surfwear retailer Billabong International Ltd. on Thursday confirmed it spurned a refinancing proposal from Centerbridge Partners LP and Oaktree Capital Management LP after the private equity pair submitted its bid too late and the company had already settled on a rival offer.

The Australian company's announcement answers reports from The Wall Street Journal this week. It comes days after it unveiled a 395 million Australian dollar ($364 million) financing package from former suitor Altamont Capital Partners and GSO Capital Partners LP, a badly needed boost...
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