According to a Sydney Morning Herald news article, new investors have emerged in the ongoing Billabong refinancing saga. Coastal Capital International, a New York-based team of analysts-turned-investors headed by Vlad Artamonov and Todd Plutsky, have emerged as the latest bidders for the company, which has been working to secure refinancing for the past several months from Altamont Capital Group.
Coastal Capital International, which is urging the company to overthrow its entire board of directors who are positioned to vote on the recaptilization plan from Altamont in October, used its 5 percent stake … More
With Chairman Ian Pollard calling this year the “most challenging period in the company’s history,” surf apparel giant Billabong released financial statements earlier this week that valued the brand as essentially worthless.
A handful of other brands under the Billabong umbrella — including Element skateboards — were also written down to a zero valuation, according to the statements.
With the bleak news, company stock fell 60 percent from last year, ending the day midweek at a few pennies over fifty cents per share … More
According to an investor relations report from Billabong released this morning, Billabong’s global sales revenues were down 13.5%, and the company saw an $859.5 million net loss after tax (after $867.2 million of predominately non-cash significant items) for the year ended June 30, 2013. The company, which recently announced a refinancing through Altamont Capital Group, also says it is nearing the final stages of that process. Here’s the full report from Billabong:
GOLD COAST, 27 August, 2013: Billabong International Limited (“Billabong”, the “Company” or the “Group”) today announces its full year financial results for the 12 months ended 30 June 2013.
Overview … More