Vultures swoop on Billabong debt
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American hedge fund Centerbridge Partners is moving to acquire a stake in embattled sufrwear retailer Billabong International Ltd from two of the group's lenders, according to newspaper reports.
According to the newspaper, sources report Centerbridge has bought $80 million of Billabong's debt from Westpac Banking Corporation Ltd and HSBC, in a further sign the group's loans were being taken over by opportunistic investors.
The sales come as Billabong's suitor Altamont Capital Partners arrived for further negotiations over its proposal to refinance the embattled group's balance sheet.
The report said Westpac sold its a parcel of debt worth $60 million over the weekend – at a price of around 90 cents to the dollar –to a buyer believed to be Centerbridge.
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