what happens to bbg now

Billabong for all intense and purposes has gone to zero. My guess is that the bidders have allowed it to remain listed, to provide some protection to the brand while they pick off the assets they want piecemeal. Current equity investors then get left with the rubbish that they could not sell / the bidders did not want. Therefore any residual value will be pretty much worthless.

Actually a very smart transaction for the bidders, because they get the pieces they want (or only take risks on the pieces they want) without having to accept the liabilities they don't such as the store networks.