Contest heats up for Billabong

Oaktree, Centerbridge secure exec to serve as CEO if their bid succeeds.

The battle for control over Billabong International (BBG) is escalating, as US hedge funds Oaktree Capital and Centerbridge Partners have secured a senior surf industry executive who would become head of Billabong if their offer for the company is approved, according to The Australian Financial Review.

The hedge funds have pitched a $395 million recapitalisation plan that is up against a $325 million debt and equity proposal from an Altamont consortium.

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