Billabong is in a four-day trading halt as it raises capital to pay off debt and fund a strategic turnaround.
The offer, announced to investors this morning, is part of Billabong’s September agreement with US hedge funds Centerbridge Partners and Oaktree Capital Management.
Billabong has proposed an offer price of $0.28 a share. Shares last traded at $0.74.
Trading is due to resume on Wednesday.
Billabong’s draft prospectus is here.