×
1 602
Fashion Jobs
SHISEIDO
Bareminerals Account Manager - Boots Stratford (37.5 Hours)
Permanent · London
SHISEIDO
Nars Business Manager - Fenwick Newcastle (37.5 Hours)
Permanent · Newcastle upon Tyne
SHISEIDO
Account Manager - Boots Hammersmith (22.5 Hours)
Permanent · London
GUCCI LIMITED
Gucci Stock Manager
Permanent · LONDON
NIKE
Purpose Marketing Manager, London
Permanent · London
NIKE
Agile Marketing Manager, London
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Edinburgh, John Lewis- 37 Hours - Full-Time, Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Demand Planner - The Estée Lauder Companies
Permanent · London
SHISEIDO
Bareminerals Account Manager - Boots, Edinburgh Gyle (30 Hours)
Permanent · Edinburgh
SHISEIDO
Laura Mercier Account Manager - Harvey Nichols Manchester (37.5 Hours)
Permanent · Stretford
SHISEIDO
Bareminerals - Account Manager (30 Hours)
Permanent · Edinburgh
V. F. CORPORATION
Manager, Strategic Accounts - Dickies Emea
Permanent · LONDON
VANS
Credit Controller - Spanish Speaking - Vans
Permanent · CALVERTON
VF INTERNATIONAL
Multilingual Credit Controller - Key Accounts (English Plus Any European Language)
Permanent · CALVERTON
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Location - 15Hours / 3 Days - Part-Time, Permanent
Permanent · Exeter
ESTÉE LAUDER
Clinique - Consultant - Sutton Coldfield, Beatties - 15 Hours - Part-Time, Permanent
Permanent · The Royal Town of Sutton Coldfield
ESTÉE LAUDER
Clinique - Consultant - Leicester, Boots - Fosse Park - 15 Hours - Part-Time, Permanent
Permanent · Leicester
YVES SAINT LAURENT UK LIMITED
Saint Laurent HR Manager UK, Ireland & Netherlands
Permanent · LONDON
SHISEIDO
Bareminerals Account Manager - Hof Bluewater (35 Hours)
Permanent · Dartford
SHISEIDO
Laura Mercier Account Manager - Harvey Nichols, Edinburgh
Permanent · Edinburgh
ESTÉE LAUDER
Origins - Online Trading Manager - Brand Site
Permanent · London
Advertisements
Published
Aug 26, 2013
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Billabong’s agreement with the Altamont consortium is reviewed and approved

Published
Aug 26, 2013

After the announcement of an agreement between Billabong and the Altamont consortium which would have enabled the group of boardsports brands to refinance its debt, an application was filed with the Australian takeover authorities on July 18 by Oaktree Capital Management and Centerbridge Partners, which had offered another proposal.

The refinancing agreement between Billabong et the Altamont consortium was approved by Australian authorities. Image: Sector 9.


The Australian authorities who review corporate takeovers announced that they “declined to make a declaration of unacceptable circumstances” regarding the agreement, which was therefore approved.

However, the panel that reviewed the Billabong-Altamont case pointed out that it gave the go-ahead based in part on the fact that certain provisions initially in the agreement had been removed.

In its press release the Australian government explained that it considered the initial terms of the agreement unacceptable. These called, for example, for a termination fee of 20% of the principal amount provided by Altamont in the event of a change of control of Billabong before January 15, 2014. Additionally, the interest rate on the loan financing would have risen from 12 to 35% if the shareholders failed to agree to certain strategic arrangements. And finally, if the group changed hands, the long-term financing provided by the Altamont consortium would have had to be repaid within two years with a 10% make-whole premium. The Australian authorities deemed these provisions a serious deterrent to rival takeover proposals.

To allay the government's concerns, the terms of the agreement were revised to remove the offending clauses.

Copyright © 2021 FashionNetwork.com All rights reserved.