Billabong International Ltd. said its 40-year-old surf brand was worthless after the company’s losses tripled amid store closures, firings and a breach of debt terms. The stock fell the most in almost three weeks, Bloomberg reported. Founded by Gordon Merchant in 1973, Billabong helped sell Australian surfing culture worldwide and rose to a market value of A$3.84 billion ($3.45 billion) at its peak in 2007. Earnings have plummeted in the last two years as competitors including Abercrombie & Fitch Co.

The future of online retailer Ruslan Kogan’s budding mobile business, Kogan Mobile, hangs in the balance after its wholesaler ispONE entered into voluntary administration and cancelled all services from its telco provider, Telstra, Business Spectator reported. In a statement, Telstra Wholesale confirmed that it would continue to support one of the two major telco brands serviced by ispONE. Up to 280,000 customers from both brands are set to be affected by the move.

One of Australia’s leading bedroom product companies, Sleepmaster, has gone into receivership as the tough retail sector claims another victim, The Motley Fool reported. Sleepmaster is the owner of iconic brands including Jason, a pillow and quilt brand, blanket brand Onkaparinga and Trailmaster camping equipment. It describes itself as Australia and Asia’s leading manufacturer of bedroom product including quilts, pillows, mattress protectors, underblankets and underquilts.

With record numbers of business bankruptcies this year, cash flow management in private enterprises has come back into focus as business owners try to offset poor economic conditions, the Financial Review reported. The Insolvency and Trustee Service Australia (ITSA) says the proportion of debtors reaching a business-related debt agreement in the June quarter – 25 per cent of all debt agreements – was the highest business proportion since the September quarter 2003.

Metals recycler CMA Corporation has gone into voluntary administration, TheBull.com.au reported. CMA operates more than 17 recycling facilities across Australia, New Zealand and Asia and has about 190 staff. The directors of CMA have appointed Phil Carter, Marcus Ayres and Nicholas Martin of PPB Advisory as voluntary administrators. "PPB Advisory will undertake an urgent review of CMA's operations," Mr Carter said in a statement on Friday. Until the completion of the review, CMA would continue to operate as usual. A meeting of CMA creditors will be held on August 14.

A family-owned retail fashion business in rural New South Wales founded in 1936 has collapsed, with administrators saying tough trading conditions and a poorly-timed expansion are to blame, SmartCompay.com.au reported. Brenstew, which currently trades in five retail outlets located in Dubbo, Tamworth, and Armidale under the brands Blowes Menswear, The Wardrobe and URXs, had administrators appointed last week. The company turns over more than $6 million annually.

Photography business PixiFoto is set to announce mass job losses after its parent company Photo Corporation of Australia plunged into administration late last week, News.com.au reported. Staff at the Sydney-based group are currently being briefed by senior management about the dire prospects of the company. Photo Corporation of Australia entered voluntary administration on July 25, with John Morgan and Steven James of BCR Advisory appointed as administrators.

Australia's takeover regulator declined a request from Oaktree Capital Management and Centerbridge Partners to delay a $359 million refinancing deal surfwear for company Billabong International Ltd on anti-trust concerns, Reuters reported yesterday. The two U.S. hedge funds, whose own refinancing proposals were rebuffed by Billabong, had asked the Takeovers Panel to intervene in the deal with Altamont Capital Partners because some elements, including a hefty break fee, were "anti-competitive and coercive". The panel declined to stop the sale but would still investigate the deal.

Australia's largest organic poultry farm, Inglewood Farms, has gone into receivership owing $60 million, The Chronicle reported. The announcement was made following news the company's directors wanted to resign after shareholders indicated that they would not provide additional funding to support ongoing operations. The company, which is a subsidiary of RM Williams, employs about 100 people and operates on a 1710 hectare property near Inglewood.

Insolvency experts are predicting more pain to come over the next six to 12 months as the shakeout in Australia's mining sector takes hold, ABC News reported. Restructuring firm Ernst & Young is expecting to see more receiverships and distressed sales as miners end their investment and construction phase to focus on production. The forecast comes after almost half of the listed companies exposed to mining services issued profit downgrades as projects are deferred and market conditions falter.