Hedge Fund Coastal Takes 5% Stake In Billabong Surf Brand

Law360, New York (August 12, 2013, 6:48 PM EDT) -- New York hedge fund Coastal Capital International Ltd. disclosed in a regulatory filing Monday that it had acquired a 5 percent stake in Billabong International Ltd., the struggling Australian surfwear retailer that recently announced a AU$395 million (US$362 million) restructuring with two U.S. private equity firms.

The filing with the Australian Securities Exchange shows Coastal began assembling its position with a AU$1 million investment on June 4 and has spent another $4.3 million on Billabong shares between that date and Friday — the same day Australian...
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