Billabong poised for a turnaround

Speculators are having a field day at the surfwear retailer.

In the past month, the Billabong International Limited (ASX: BBG) share price has doubled to $0.335. However, it is down 98% from its peak of $14 over the past six years. Significant shareholders are heading for the exit, and major lenders including Commonwealth Bank and HSBC have sold their debt at $0.80-$0.85 in the dollar. The buyer is the New York-based Centerbridge Partners, which specializes in leveraged buy-outs and distressed securities.  

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