After reading the anncmt several times, the whole proceeds of the sale is going against debt and a profit of $285M goes into the P+L as a profit for the year end (which understandably will be messy). So that is $1.2B wiped off debt and $915M less assets to report.
However, if they have used the residue cash to pay down different debt on the other European wind assets, and they then turn around and sell those wind assets as well (and from the wording I think they are well on the way to doing this) then at the end of the sale of the European wind assets quite a large dollop of spare cash looks like it could become available to pay down the corporate debt.
This initial sale is a good step forward for them, but the sale of the remaining European assets would be a huge step forward along the road to survival.
Still a lot of water to go under the bridge yet, but these guys are not going down without a fight.
BNB
babcock & brown limited
