News: Hedge fund acquires Billabong loan stake

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Billabong International Limited (ASX:BBG) has had a large stake of its loans taken over by US hedge fund Centerbridge Partners, according to media reports.

 

Centerbridge has reportedly bought $80 million of Billabong's debt from Westpac Banking Corp (ASX:WBC) and HSBC.

 

The sales come as Billabong's suitor Altamont Capital Partners enter further negotiations over its proposal to refinance the group's balance sheet.

 

Westpac reportedly sold its a parcel of debt worth $60 million over the weekend – at a price of around 90 cents to the dollar to a buyer believed to be Centerbridge.

 

Billabong posted a net loss of $537 million for the first half of the 2013 financial year.