Ann: Billabong Trading Update , page-2

What a disaster for existing shareholders. They may have firmed up the balance sheet, but at what cost. This is a bad result and although the business may now be financially safer, it just goes to show you how nearer the brink they were than we actually knew.
Otherwise hy would they say that they didnt need more captial.
I imagine that there will be writeoffs and the typical cleansing of assets that new CEOs do so that they can start from scratchQQQ