Altamont teamed up with Blackstone Group's credit arm, GSO Capital Partners, to give refinancing for Billabong International Limited. The proceeds would help stabilize Billabong and would aid the company engage in policies that would grow it again.

The refinancing would be utilized to fully pay the syndicated debt facilities of Billabong and to fund its urgent and long-term liquidity needs. The transaction places Altamont Consortium's possible future ownership in the company's equity between 36.25% to 40.5%.

Also included in the recapitalization's terms is Altamont's acquisition of DAKINE from Billabong, which would operate as a separate entity.

"The changes announced today provide Billabong with a stable platform and the necessary working capital to continue to address the challenges it faces." said Ian Pollard, Billabong's Chairman. "The transaction reflects confidence in the value of Billabong's brands and its ability to achieve future profitable growth."

In relation to the refinancing, Billabong's board announced that it is intending to appoint Scott Olivet as Managing Director and Chief Executive Officer of the company. Keoni Schwartz and Jesse Rogers, both of whom are Altamont partners, will also be joining the board.