Suitor frustrated as Billabong hits the rocks BILLABONG International is at risk of alienating its most likely financial saviour, with members of the Sycamore Partners consortium understood to be increasingly frustrated that a refinancing proposal pitched more than a month ago continues to languish. The troubled sportswear group is also facing a potential backlash from investors and staff, who have lost faith in the ability of the board to strike a deal after 16 months under threat of takeover.