Billabong International's depressed share value went up by 46 percent on June 25 as the Australian company reported that separate discussions were “well advanced” with two investment consortia led by Altamont Capital Partners and Sycamore Partners for the sale of its assets. The company said that the proceeds would be used to repay in full its existing syndicated credit facilities. Paul Naudé, former president of Billabong's operations in the Americas, and VF Corp. were said to be behind the two investment companies. Meanwhile, Australian reports indicate that HSBC has sold a chunk of 20 million Australian dollars (€14.1m-$16.3m) out of its loans to Billabong at a 20 percent discount to SC Lowy Financial in Hong Kong. Also, Perennial Investment Partners, which had been a vocal critic of Billabong's former management, has reduced its stake in the company to 4.03 percent from 8.7 percent.