Vultures swoop on Billabong debt

Yet another hedge fund has targetted Billabong's debt

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.

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