Billabong International Ltd., a surf wear retailer, received an unsolicited proposal for refinancing from lenders. The offer a day after the Australian retailer accepted a rescue package from Altamont Capital Partners and GSO Capital Partners.

Investors Oaktree Capital Management and Centerbridge Partners, majority owners of the retailer, presented more attractive conditions that those given by the consortium.

In a report by The Wall Street Journal, the refinancing proposal comprises of Oaktree and Centerbridge getting a 60% share in the struggling retailer via a debt-for-equity swap. They would also raise US $92.5 million of debt with an annual interest rate of 8%. The offer provided by Oaktree and Centerbridge also proposes that Billabong retain DaKine. Under the consortium deal, Billabong has agreed to sell the action-sports and outdoor-accessories brand to Altamont for AU $70 million.

On Tuesday, Billabong Chairman Ian Pollard said in an interview with The Wall Street Journal that "the Altamont offer was attractive, and directors had agreed to a deal because it made the group's financial position less uncertain."