Surfwear retailer Billabong will cut its debt and improve its working capital position after raising $291 million from institutions and retail investors in a rights issue.

Billabong spokesman John Moffat today declined to specify how much of the proceeds from the oversubscribed rights issue would be applied to its $650 million of net debt.

“There were a number of options with the cash, and they included paying down some existing debt and generally extra cash for general working capital requirements,” he said.

In May Gold Coast-headquartered Billabong said $200 million of the fresh equity would be used primarily to reduce net debt to $450 million.

Billabong’s oversubscribed 11-for-two share retail rights issue raised $61 million, with around $230 million raised from institutions.

New shares were priced at $7.50 each, and the oversubscription will prompt a 15,000 cap to the number of new shares allocated, or three times that of the shareholder’s entitlement under the rights issue.

Billabong shares were trading down 16 cents at $8.44 at 11.10am.

read the rest of the story @ thewest

It may be hard to recognize Kenny G with his majestic, mossy locks slicked down into some sort of mulletous mane — but that’s him, sans saxophone, shredding the gnar in Malibu yesterday.

The original story at TMZ

hey hey dazzy is back online after being locked in my editing suite for several nights and days!

We finally manage to finish the movie in time for the very first premiere in San Sebastian (euk) during the Surfilm Festibal (http://www.surfilmfestibal.com/). The venue was full and the vibe was really cool thanx to the pintxos y cervesas! Even Aritz Aranburu showed up straight from the plane and came on stage with me and Lauren Davies (who wrote the movie). Bask people were fully stoked to see the local hero in the Teatro Principal de Donostia. Check on the website there might a screening of the Cloud9 movie soon near your place.

Check out more photos and info at the Quicksilver Blog