Billabong considers rival refinancing proposal

The Board will consider any proposal in accordance with its obligations and responsibilities to shareholders, and consistent with Billabong's previously stated intentions to finalise the long term financing package as soon as practical and to focus on rebuilding the business. The Board is considering the Centerbridge/Oaktree Consortium proposal in this manner.

On 16 July 2013, Billabong announced that it had entered into commitment letters with entities advised by Altamont and entities sub-advised by GSO Capital Partners (the credit arm of the Blackstone Group, and together with Altamont, the “Altamont Consortium”) and GE Capital to provide a long term financing package for Billabong.

It was also announced that Billabong had entered into binding documentation with the Altamont Consortium in relation to a US$294m (A$325m) bridge loan facility (“Bridge Facility”) which matures on 31 December 2013.

On 21 August 2013, the Company announced that it had entered into a revised commitment letter and certain other ancillary transaction documents with the Altamont Consortium.

Billabong International