PE Firms Blast Billabong's $364M Debt Rescue

Law360, New York (July 19, 2013, 11:48 AM EDT) -- Two private equity firms on Thursday urged Australian regulators to delay an AU$395 million (US$364 million) deal between Billabong International Ltd. and Altamont Capital Partners, calling provisions of the financing package “anti-competitive” and “coercive” shortly after the retailer spurned their counter financing proposal.

Centerbridge Partners LP and Oaktree Capital Management LP asked the Australian government's Takeovers Panel to consider halting and reviewing the financially troubled company's plans for debt relief, specifically a bridge loan and sale of one of the retailer's brands.

The panel's president on...
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