debt status, page-25

"IMO they just can't make an offer to reduce the capital the owe on 70%. That wouldn't send a good sign to markets. I'm not even sure they can actually able to do it."

I think tey can as below:

"11.14 Right to purchase EPS
The Holders acknowledge that nothing in these Terms affects the rights of BBI to purchase and hold (on its own account) EPS whether purchased on market or otherwise."

There is nothing wrong with an off market buyback. In 2012 you get $1.08 today you get X. If it is above market, it is a fair and reasonable thing. Those people who choose not to participate are locked in to 2012.