Oaktree Capital Management and Centerbridge Partners have recruited a senior surf industry executive to run Billabong International should the struggling Australian company accept its turnaround offer, according to a report in the Australian publication Financial Review.
According to the report the two U.S. hedge funds would not divulge the identity of the executive because he/she is still working with another company.
Oaktree and Centerbridge submitted a refinancing package to Billabong’s board in early September after persuading Australia’s Takeover Panel to reject an offer from a competing investors’ consortium lead by Altamont Capital Partners for being anti-competitive.
As Billabong’s board reviews the rival offers, it is now reviewing both proposals, apparently prompting the rival bidders to elaborate on and/or enhance their long-term plans for the company.
