bbi is gone for good, page-6

From todays SMH.

BBI's magical trick
Babcock & Brown Infrastructure appears to have hired the services of some magicians, going by its latest announcement.

The coal terminal concern on Friday announced it had to repay $300 million of corporate debt by February, after noting its asset sale program might not be able to meet its debt maturities in the coming year.

When the company reported a $977 million full-year loss two weeks ago, it noted it had to repay a $168.7 million corporate debt by February. Magically, the company has been able to find an extra $131.3 million to be repaid by then. Only the most observant would been able to read this trick, which was never revealed in a press release or PowerPoint presentation until now.

The $300 million figure was hidden away in a 339-page notice of meeting for BBI's New Zealand hybrid security holders last year. It was then cited as a worst-case scenario debt deadline. Shazzam!

It is unclear what routines BBI's chief executive, Jeff ''Copperfield'' Kendrew, and chairman and former Queensland Labor treasurer David ''Abracadabra'' Hamill are planning for the company's upcoming annual meeting.

Hopefully, it will be some Houdini act for the company wanting to change its identity back to Prime Infrastructure. The troubles at BBI have highlighted that it is not only former Liberal-National politicians (Andrew ''MFS'' Peacock, Rob ''Asset Loans'' Borbidge and John ''Elderslie'' Hewson) who chair market duds. At least Hamill took charge at BBI after things already started to turn pear-shaped.


Kiril.

I hold BEPPA.