Billabong International Ltd., the surfwear company that’s accepted a refinancing offer from a group led by Altamont Capital Partners, said a competing proposal from two U.S. distressed-debt investors is unacceptable.

A debt-for-equity swap proposed by Oaktree Capital Group LLC and Centerbridge Capital Partners LLC lacks the certainty of a refinancing offer Altamont’s group put forward July 16, Billabong said in a stock exchange statement yesterday.

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