SYDNEY, July 17 Shares in Australian surfwear
company Billabong International Ltd surged as much as
34 percent on Wednesday, a day after the company said it will
sell its DaKine clothing and accessories brand and jettison
Chief Executive Launa Inman as part of a A$395 million ($359
million) refinancing deal.
Billabong said on Tuesday it was issuing former private
equity suitor Altamont Capital Partners share options for 15
percent of the company in exchange for a A$325 million bridging
loan facility. Altamon will also acquire the DaKine business for
Billabong's shares, which had lost 75 percent of their value
in the past year, were at A$0.33 shortly after the market open.