"Until recently, BBI has focused on sales of significant assets as its primary strategy for achieving debt repayment. However, achieving asset sales in the current environment on terms which would realise sufficient funds for the necessary reduction in BBI’s debt is proving difficult, with timing and value outcomes uncertain. Based on present circumstances, BBI’s current asset sales programs (net of expected disposal costs and taxes) are unlikely to realise sufficient proceeds to meet BBI’s FY2010 debt maturities.......... The value outcomes of the transaction for BBI ordinary security holders, EPS holders and SPARCS holders are not certain and may attribute a value to those securities that is less than face value or recent trading prices. Furthermore, associated sales of assets may be at amounts lower than their current book values."
That's not new? Better check your "facts".
Announcement was not only about CSI. It also flagged the failure of asset sales and that any sales may be below book value.
Best of luck.
BBI Price at posting:
4.5¢ Sentiment: Sell Disclosure: Not Held
