A battle between two U.S.-led consortiums for control of Billabong International Ltd. took a potentially decisive twist today when the Australian surfwear company tore up an existing refinancing deal and overhauled its top management, Dow Jones Daily Bankruptcy Review reported today. Billabong said that it had accepted a sweetened funding package from distressed debt investors Centerbridge Partners LP and Oaktree Capital Management LP that offered debt more cheaply, backing away from a rival bid it had endorsed only weeks earlier from private equity firm Altamont Capital Partners and Blackstone Group's credit arm, GSO Capital Partners.
