Billabong's back-handed hedge fund compliment

The US hedge funds that have taken on Billabong's debt see hope of salvaging the ailing surfwear maker. But their preferred outcome would be dire for shareholders.

It is tempting to see parallels between the role US hedge funds played in the recapitalisation of Nine Entertainment and the displacement of Billabong’s bank lenders by two US funds, one of them a key player in the Nine saga. At this point, however, there is at least one fundamental difference.

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