Brokers and investors have continued to react positively to Billabong's $294 million refinancing deal with Altamont Consortium. The stock rose 3c to 36.5c on Thursday, or 9%, whilst Deutsche Bank has upgraded the stock to Neutral from Sell. This is following upgrades made by Citi and JPMorgan in the past few days. Furthermore, Billabong has announced that hedge funds Oaktree Capital Management and Centerbridge Partners, debt-holders in the company, made a financing offer after the Altamont deal was signed. However, the conditions on this offer were too onerous and requests from Billabong for a proposal were previously declined.