DEBT BUYOUT RUMOUR BOOSTS BILLABONG
17 July 2013,
BILLABONG’S shares jumped more than 32.8 per cent today on speculation that a private equity consortium has agreed to acquire the company’s $400 million debt.
The Sycamore consortium is headed by Billabong’s long-time US boss Paul Naude, while Altamaont has teamed up with global apparel group VF Corporation.
The most recent news from Billabong is that it entered talks with both parties over potential refinancing plans that also involve potential asset sales.
Details of which assets are on the chopping block had not been disclosed but Billabong is considering the sale of Canadian retail chain West 49 which it acquired in 2010.