Slim's Rivalry Plays Out On Mexican Field Atlético Cashing In On Champions League Rooney Tops EPL's Richest Players List Bulgaria's CSKA Sofia Cuts Debt, Costs Rangers Investor Increases Voting Rights Cricketer Johnson Nears Big Payday Good Friday Football Greenlit For 2014 WC Win Could Impact Spanish Economy Kaiserslautern Loses $2.6M In '12-13 Villarreal Posts Financial Loss For '12-13
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
SBD Global/June 5, 2013/Finance
Billabong Shares Plunge Following Private Equity Firms' Decision To Abandon Takeover
Published June 5, 2013
LOOKING TO REFINANCE: REUTERS' Jane Wardell reported IG markets strategist Evan Lucas said, "This is the worst fear that we had. They are now in the situation where they are going to have to be completely refinancing; that will obviously dilute their share price and dilute any form of debt that they've already got, which is the concern they've had the entire time." Billabong said that "weaker trading in Australia and higher-than-expected start-up losses in its Surfstitch Europe business" meant earnings before interest, tax, depreciation and amortization would be A$67M-A$74M. It was the third time since December that Billabong "had downgraded its earnings outlook from an August forecast" of A$100M to A$110M (REUTERS, 6/3). In N.Y., Kelly & Tan wrote Timberland brand owner VF Corp., which was part of the Altamont bid group, "isn't involved in any talks on refinancing, but will still consider buying individual brands from Billabong." All the company's brands "are for sale," and new Billabong shares will not be issued if either of the two refinancing proposals is accepted (WALL STREET JOURNAL, 6/4).