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.
Investor Consortium Recruits CEO for Billabong
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.