By Aimee Chanthadavong

Billabong has said refinancing and asset sale discussions with potential suitors Altamont Capital Partners and Sycamore Partners are “well in advance”.

The debt-ridden surfwear retailer entered into separate discussions with the two equity companies as an alternative option after talks about a takeover ended in early-June. The company is currently swimming in a pool debt worth $280 million.

“In response to shareholder queries the company confirms that refinancing and asset sale discussions are well advanced with both parties,” Billabong said in its update.

“There is no guarantee that binding documentation acceptable to Billabong will be agreed with either Altamont  or Sycamore in relation to the potential refinancing transaction.”