US hedge funds ask to delay Billabong deal US hedge funds Oaktree Capital Management and Centerbridge Partnerson Friday asked Australia's takeover regulator to intervene in surfwear company Billabong International's $359 million refinancing deal with Altamont Capital Partners. Billabong announced a refinancing deal with Altamont on Tuesday, unveiling plans to issue Altamont share options for 15 per cent of the company along with the sale of the DaKine business. The company said Thursday it had received a proposal from the two hedge funds, which recently bought some of Billabong's debt from senior lenders, after it had entered into the binding agreement with Altamont. Billabong began refinancing and asset sale talks with two former takeover suitors -- one led by its former US boss Paul Naude and private equity firm Sycamore Partners, and the other by Altamont and US clothing group VF Corp -- last month after both walked away from indicative offers at $1.10 a share. Plagued with high debt from an ill-timed expansion and struggling as its brands fell out of favour, Billabong has issued a series of profit warnings since rejecting a $850 million bid from private equity firm TPG Capital Management in February 2012. The company's shares were up 8.9 per cent at 40 cents, from a high of $13.56 six years ago.