babcock and brown, page-9

GG, you said

"so technically the only real debt they have is the corporate facility"

Thank God. There is now two of us out there that understand this. Maybe we should start a society or something?

If they get what you think they will get for their wind assets, then they are well on the way to covering a good chunk of that corporate debt and they can use some of the spare money to perhaps sponsor some rights issues in the satellites that need it the most. Or if they were really cheeky, once having satisfied the banks, they could buy back some of their discounted bonds. That would really stick it up the market.

A few weeks ago I performed a very detailed analysis of the half year accounts (I am trained to do this). It would be virtually impossible for a lay investor to understand these accounts and there would be very few analysts who would also understand it (unless they were qualified accountants).

There is a whole lot more to this than meets the eye, but if they can sell the wind assets for a reasonable price then they will survive. There are still plenty of sovereign wealth funds in the market for infrastructure assets.