Wow 213 that's not an enviable position to be in. That's serious...

Wow 213 that's not an enviable position to be in. That's serious money we are talking about. I cannot begin to contemplate the best advice for you being caught between a rock and a hard place. I honestly and sincerely hope that it has a positive outcome for you and I mean that.
Do you take a punt and average down? Doubling your holding at 12 cents will bring your average down to probably 75 cents if you are currently over $1-38 and doubling again would take you down to 44cents still a big ask and you may well be putting good money after bad if it all goes belly up.
They could pull it off and turn it around...it would be the save of the century but still possible. I doubt whether the yanks will come to the rescue if they do it will be on their terms which could well be worse than the position they find themselves in at present. They really need to keep only the profitable retail outlets and clean up the rest, cut back staff, inventory and get them in a saleable state, sell them off for SAV, F/F plus nominal goodwill, takeover leases rather than terminating with massive buy out costs which they cannot afford. The wholesale margin needs to be lifted. Everything non core needs to be sold and sold now including properties.
What would be left would be a $50 million business with no debt sales of a billion dollars a year, a 10% dividend would require a $10 million profit or net $0.01 per dollar of sales and payout half as dividends. The share price would start to climb back. As each brand started to generate profits it could then justifiably be credited with a goodwill/brand value to further strengthen the balance sheet and lift the share price. Billabong will need to be treated as a LONG TERM recovery position if the banks and lenders hold off if not then it may well be doomed. I am for giving it a fighting chance rather than giving up on it...but that's just me.