(bbp) may be sold as a soon as january, page-10

BBP forecast $350-360m EBITDA ( after allowing reduction of $18m for one off Varanus Island disaster) and their interest bill is $240m ( @ 8.3% fixed). thus the surplus is $110-120m this year against a market cap of approx $45m LOL.

Interest cover unfortunately is not the only issue, refinancing requirements are uppermost just now. Issue with BBP is that they owe BNB $400m because they did not secure all required funding from their banks. BNB are second ranking security holder and thus to pay BNB back when funds due ( Sept 2009 and March 2010) they will need to sell all assets because I doubt the banks will cut them any slack to pay BNB anything while they still have exposure.

Still if you apply same EBITDA multiple to BBP cashflows as BBI got for Powerco ( after allowing for additional $18m) we get a value of approx $3.5 b againgst debt of $2.9b showing net $600m or 86 cents per share. Love to see that.