Distressed investors sweeten offer

Oaktree and Centerbridge have given Billabong’s board cause for thought two days after regulators approved a rival offer from Altamont Capital Partners.    

Oaktree Capital Management and Centerbridge Partners have made an improved counter-offer for Billabong, intensifying the battle for the Australian surfwear brand.  

The pair had already built positions in Billabong by buying up around A$289 million (€195 million; $260 million) of its debt on the secondary market according to reports.

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