email from administrator

Correspondence received today from administrator.

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Re: Your email to [email protected] on 17 March 2009.

Thank you for your email. The Administrators are aware of the 20% bank work out rate and of the associated concerns of noteholders. A number of noteholders have also raised the question of the ability to place Babcock and Brown International Pty Ltd into Administration.

These issues will be included amongst the many issues the Administrators will be looking into during the course of the Administration. Any decisions made by the Administrators on the basis of these investigations will take the best interests of the creditors into account.

Regards

Dugald


Dugald Laurie
Senior Analyst | Corporate Reorganisation Group
Deloitte Touche Tohmatsu
Tel/Direct: +61 (0) 2 9322 7103 | Fax: +61 (0) 2 9322 7001
[email protected] | www.deloitte.com.au

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My comment -


Noteholders have placed into a situation whereby company executives and a range of banking groups are seeking control of all BNB ’ s assets without the proper regulatory processes, to protect all stakeholders.

….No shareholder vote on restructure
….Independent experts report required
….Misleading information Offer Document
….Audit figures delayed
….Terms of Bank workout 20%PA-(common law excessive/unfair)