Billabong gets new debt deal

Michael Bow
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AUSTRALIA’S Billabong International yesterday accepted a sweetened refinancing proposal from US hedge funds Oaktree Capital Management and Centerbridge Partners, and appointed an industry veteran as its new chief executive.

The funds have been vying with US private equity firm Altamont Capital Partners to refinance the business, with Billabong previously accepting a proposal from Altamont. New boss Neil Fiske was previously CEO of clothing firm Eddie Bauer.