The Billabong saga continues this week with Oaktree Capital and Centerbridge Partners vying for the business with a recapitalisation plan of $395 million.

Oaktree and Centerbridge are up against a partnership of Altamont Capital and Blackstone for ownership of the business, however, the board of Billabong is taking its time making a decision on who has the right strategy to take the business forward and drag it out of the black hole it seems to be descending further down.

Altamont and Blackstone have submitted a $325 million debt and equity proposal, with the appointment of former Oakley head, Scott Olivet as CEO.

Oaktree and Centerbridge say they will recruit an un-named senior surf industry executive to fill the role of CEO should its bid be successful.

There has been an exodus of Billabong senior staff with the departure of Billabong’s America’s boss, Paul Naude, who is said to be recruiting to set up his own surfwear brand.

Altamont and Blackstone have long been thought of as the front runner of the two consortiums, despite Oaktree and Centerbridge offering a higher price per share of 35 cents, compared to Altamont and Blackstone’s offer of 19.9 cents per share.