Billabong International Ltd. announced that they will study competing proposals from two US based debt investors. The company previously accepted a refinancing offer from Altamont Capital Partners. The deal will provide "immediate liquidity" to Billabong. The deal will also save the company from having to sell the DaKine Brand.

The Altamont Group proposed to buy the DaKine brand from Billabong for AUD70 million. Billabong International Ltd. will take legal advice from Centerbridge Capital Partners LLC and Oaktree Capital Group LLC.

Billabong chairman, Ian Pollard said, "I will have a look at what they put forward. Obviously we as directors will be mindful of what our responsibilities are to shareholders."

Based on the proposal from the two debt investors, the investors will be given 61% of the Billabong shares in exchange for cancellation of the debt.  The deal will save the surf wear maker a net of approximately AUD150 million in interest payments.