A carrot for Billabong

Oaktree and Centerbridge have dangled a large incentive in front of Billabong in the form of a $325 million alternate financing package.

Oaktree and Centerbridge have upped the ante on Billabong’s board by telling them they can close their $325 million debt and equity financing for the distressed surf wear this week. That puts the board in a bind. The board favors an alternate $325 million financing package offered by Altamont Capital. Billabong’s spokesman Chris Fogarty told Markets Spectator the company favours the proposal that offers certainty to a business that reported a $536.6 million loss in the six months to December 2012. Oaktree and Centerbridge say their deal offers just that.

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