Billabong stands firm on Altamont despite hedge fund offer SURF wear company Billabong has indicated its preference for the existing Altamont recapitalisation proposal despite receiving a rival offer from two hedge funds. The US hedge funds that hold most of Billabong's senior debt showed their determination to stay in the battle for the surf wear group, lodging an unconditional recapitalisation proposal with the company at 2.15pm.