Billabong and Altamont weave past a panel hurdle

Amendments to the complex rescue deal struck between Billabong and an Altamont-led consortium have appeased the Takeovers Panel, leaving the surfwear maker's alternative suitors almost stranded.

The proposed recapitalisation of Billabong International is a step closer after the deal with the Altamont consortium was reconfigured to avoid a declaration of unacceptable circumstances from the Takeovers Panel. There’s now a window of two or three weeks in which it could be blown up.

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