petrochemical fyi, page-8

"Presumably a distressed sale of BBP assets will return more than 8.5 cents per share?"

Perhaps, but do you want your capital tied up in a de-listed stock for circa ten years with absolutely no guarantee there will actually be anything left for securityholders?
The Bell Group liquidation took nearly 15 years. The BNB empire is as complex as Bell, if not more complex. I hold plenty of BEPPA and a few BBI but the plan is not to wait for a return in liquidation.

The banks have a lot to answer for but as usual, they are a protected species. They even got the Govt guarantee and still they are shafting companies with higher and higher interest rates. With that guarantee from the Aust Govt, they should have been bending over backwards to help distressed companies get through the GFC. Instead, they put on their greedy cap and stuff the poor equity holders.