THE DISTILLERY: Billabong brush-up

Scribes consider how Billabong International will formulate a restructure, with some disagreeing as to whether a debt-to-equity swap is in the pipeline.

Embattled surfwear company Billabong International was almost universally expected to miss out on a takeover offer from its two bidding groups, and so it has. But there is a bit of disagreement between some business commentators about whether the private equity firms will push for a debt-to-equity swap now that we’re talking capital restructures instead of takeovers.

Fairfax’s Elizabeth Knight starts things off with news that the bidders are hanging around to see if they can come to a capital restructure agreement with Billabong.

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