U.S. surfwear retailer Boardriders Inc. will use $600 million of loans to back its purchase of Australian peer Billabong International Ltd, Reuters reported. The acquisition, announced on January 4, comes roughly two years after California-based Boardriders — formerly known as Quiksilver — emerged from a five-month stint in bankruptcy court precipitated by competition and operational issues that plagued performance. The designer and distributor of brands including Quiksilver, Roxy and DC Shoes filed for chapter 11 protection in September 2015 and transferred control to U.S. private equity firm Oaktree Capital Management, its largest debtholder, as part of the restructuring process. The investment firm currently holds 19 percent of Billabong, owner of the eponymous brand as well as RVCA, Element, VonZipper and Xcel.
