Enumerate, what you are saying is not exactly correct.
It says: "the restructuring fee of 20% pa is payable on the remaining balance of the facilities if and when they are repaid."
So the restructuring fee you mention is not applicable if BNB pay the facilities back on time in full. Lets hope things improve, asset sales go well and the economy picks up.
BNB has a lifeline and can get back on its feet providing the note holders agree a share swap or restructure proposal.
That's how I interpret it.
BNB
babcock & brown limited
