Billabong International Limited
(ASX:BBG) has had a large stake of its loans taken over by US hedge fund Centerbridge Partners, according to media reports.
Centerbridge has reportedly bought $80 million of Billabong's debt from Westpac Banking Corp
(ASX:WBC) and HSBC.
The sales come as Billabong's suitor Altamont Capital Partners enter further negotiations over its proposal to refinance the group's balance sheet.
Westpac reportedly sold its a parcel of debt worth $60 million over the weekend – at a price of around 90 cents to the dollar to a buyer believed to be Centerbridge.
Billabong posted a net loss of $537 million for the first half of the 2013 financial year.
