ASIC action stymies Billabong's bailout hopes A MEETING to approve Billabong International's long-awaited bailout has been postponed until next year, after the Australian Securities & Investments Commission apparently rejected an independent expert's report into the proposed $386 million refinancing deal. The embattled surfwear group, which wanted to present the plans to shareholders at its annual meeting next month, said a separate meeting would now be held to approve the equity component of the transaction that would see US investors Centerbridge Partners and Oaktree Capital emerge with up to 41 per cent of the group.