two new articles in afr street talk

I can't copy these articles, so holders might want to take a free trial to AFR online, or check them out in tomorrow's hard copy AFR.

http://www.afr.com/p/opinion/billabong_expected_to_slide_as_takeover_WEoiOMYHHbB3Cpdg0VG3yH

The interesting comments from this article are from a CBA analyst, who says the two PE companies are "unreliable debt providers" and that BBG should walk away from them. The analyst says BBG could try to raise $150m, but doesn't know how much support from equity holders the company would get.
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And this one:

http://www.afr.com/p/opinion/restructuring_firms_take_roles_in_UnsVrIN0YNgSqHhYzpWKYM

It says that KordaMentha is working for BBG, and McGrathNicol for the banks (ANZ, CBA, NAB, BAML, HSBC et al). The Aussie Banks have larger exposure than the offshore banks.
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Looks like it is now a distressed debt situation. The article says it is unknown if any debt has traded lately.

Be careful, folks.