This from...

This from yesterday:

http://www.afr.com/p/business/companies/billabong_shares_sink_to_fresh_low_s8MQ4triNi2woTz5yhjEMM

There are some things in the article of note. It's a long article, so this should fit into the Fair Use aspects of copyright:
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Shares in troubled Billabong International sank to an all-time low of 16¢ on Tuesday – a signal the market is losing confidence that the surf and board-sports company will be able to secure a refinancing plan with one of its two private equity suitors.

Altamont is in Europe conducting due diligence, trying to catch up to Sycamore which had two periods of exclusivity to investigate Billabong’s books.

Sycamore, which is working with Billabong executive Paul Naude, and Altamont have both put forward plans which includes brand purchases and some form of five-year financing arrangement.

Meanwhile, the company’s lending syndicate – which includes the big four Australian banks – is believed to be waiting on an investigative accountant’s report from McGrathNicol. It is believed that CBA drove the quick appointment of McGrathNicol several weeks ago.

The report will give views of the company’s position, what is making money and what is not, and options available, according to a source.

With refinancing of a $400 million gross debt facility expiring in July 2014, Billabong’s immediate future depends on a new debt deal. Billabong has another $400 million of off-balance sheet lease commitments and $50?million of earn-outs looming.

An insolvency source said it was unlikely Billabong lenders would move to sell their position to a hedge fund now, as it would be “counter­productive”.
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Worthwhile reading the whole article.