Billabong's Creditors Have Proposed A New Deal After Forcing It To Renegotiate With Altamont

Getty/Michael Buckner

Billabong’s creditors Oaktree Capital Management and Centerbridge Partners have made it a new offer after forcing it to renegotiate a preexisting deal with rival hedge fund Altamont.

Oaktree and Centerbridge claim the new deal will save Billabong up to $143 million in interest, according to reports.

The firms are offering to loan Billabong $325 million at a fixed rate of 13.5% a year, and to buy a 39.7% share in the company for $157.5 million.

Altamont Capital will get up to 45.05% of Billabong under its renegotiated, $325 million rescue package.

Billabong shares rose 3.64% to $5.70 as of 1pm.

Now read: Billabong Has Renegotiated Its Altamont Takeover Deal To Avoid The Regulator Stepping In

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