US hedge funds challenge Billabong deal

Oaktree Capital, Centrebridge call on Takeover Panel to adjudicate on Altamont's finance, equity terms.

The two US hedge funds that Billabong International snubbed in favour of a private equity firm for a debt-for-equity swap have launched a bid to block the rival deal with the Takeovers Panel.

Centerbridge Partners and Oaktree Capital are arguing that Billabong's refinancing dealwith Altamont Capital Partners is anti-competitive and coercive.

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