Hedge funds up Billabong offer

Centerbridge, Oaktree says their recapitalisation offer would save retailer $143m on existing deal with rival Altamont.

Snubbed US hedge funds Centerbridge Partners and Oaktree Capital have put a rival recapitalisation bid to Billabong International (BBG) that they claim would see the retailer up to $143 million better off on the debt-for-equity swap it took with US private equity firm Altamont last month.

Earlier this week, the two hedge funds lost an appeal to the Takeovers Panel over the refinancing deal struck between Altamont and Billabong, but its protest forced the parties to rewrite their deal.

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