Billabong Settles On $543M Centerbridge, Oaktree Lifeline

Law360, New York (September 19, 2013, 10:54 AM EDT) -- Billabong International Ltd. said Thursday it accepted a debt rescue package worth AU$571 million (US$543 million) from the private equity tandem of Centerbridge Partners LP and Oaktree Capital Management LP that will give the firms a controlling stake in the flailing surfwear retailer.

The sweetened proposal trumped a previously approved offer from onetime Billabong suitor Altamont Capital Partners and GSO Capital Partners, a unit of Blackstone Group LP. Over the past several months, the rival groups have jockeyed for the chance to help right Billabong's course...
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