Billabong In Talks Over Hedge Funds' Rival Financing Offer

Law360, New York (August 23, 2013, 1:48 PM EDT) -- Billabong International Ltd. is mulling a sweetened refinancing offer from a pair of U.S. hedge funds that for the past month have tried to convince the floundering surfwear retailer to scrap a previously approved rival plan worth AU$395 million ($364 million), it said Friday.

Under the latest proposed terms, Centerbridge Partners LP and Oaktree Capital Management would take up to a 40 percent stake in the Australian company through an equity raise alongside a financing package including a new facility and a lower-interest AU$325 million term...
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