Billabong is up more than 30% in early trade on the Australian market.
It was trading up 39% to 34c at the time of writing, after touching an all-time low of 12 cents last month as it struggled with heavy debt levels and flagging revenues.
While the share price increase might be welcome it’s a far cry from previous highs – in 2008 it was worth more than $13.00.
Last night the company said its chief executive Laura Inman was stepping down, as part of a deal with the company’s private equity suitors which is hoped to help the ailing surfwear brand refinance its debts.
Inman will be replaced by Scott Olivet, the former chairman and chief executive of sportswear brand Oakley.
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