US hedge funds Centerbridge Partners and Oaktree Capital Management have taken control of all of Billabong International’s loans, after several banks sold the debt, according to the AFR.
If Oaktree sounds familiar, it’s because its one of the hedge funds that wrested a major chunk of Nine Entertainment Co after starting out as a debt-holder.
It was reported both hedge funds are hoping to covert the debt to equity, which would place them in control of Billabong.
The AFR reported all seven of Billabong International’s original lenders, which included HSBC and the Commonwealth Bank, are now no longer involved with the company.
Westpac, ANZ and NAB were also lenders, and all, according to the AFR, sold out after they receiving a report from insolvency specialist McGrathNicol on the ailing surf retailer.
Read more about it here.
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