Billabong International is still talking, but not about takeovers. The iconic company has been consigned to begging for refinancing deals and asset sales. Nathan Tinkler has come to an agreement of sorts with Blackwood Corporation as his Whitehaven stake remains subdued. Meanwhile, we’ve received yet more news about a potential Rio Tinto asset sale and insurance broker Steadfast Group, chaired by dealmaking legend Frank O’Halloran, is making progress towards an IPO.
This morning, Billabong International has a market cap of just $110.16 million against $200 million in debt. Unsurprisingly, the board is looking at asset sales and a capital restructure.