>my guess is, 1/2 bank debt convert to perpetual notes. 1/2 debt convert to preferences shares. bnbg convert to preference shares at $100 face value.
This structure would make sense ... the conversion terms of the preference shares would of course define the degree to which the ord holders would get scr*wed.
The problem is, the terms of the preference shares would be a political impossibility to actually negotiate. You cannot back the ord holders into a corner - they can play the administration card.
Telling people their equity is zero and having them hand back their shares for zero value only works on HotCopper ;)
- Forums
- ASX - By Stock
- BNB
- d-day
BNB
babcock & brown limited
d-day, page-6
-
- There are more pages in this discussion • 11 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)