what puzzles me is..........

Why would the banks lend BNB $150M if everything thinks the whole thing is shot to pieces? They must have a particularly good reason for doing so, otherwise you would put it straight into receivership.

There were various hints about the place when the negotiations were on that the second lot of European wind assets were about to be sold.

If these get sold on, and the recourse debt attached to these assets is completely repaid, I suspect it is going to deliver a large dollop of cash back into the group. They will use that cash to immediately square off the $150M facility and the original facility as well.

I do not think we should give up hope until the outcome of those asset sales is known. The wind farm assets are still very valuable, even in this market. The sovereign wealth funds want the wind farms and will pay up for them.

The tanking shares price is as much to do with a potentially dilutory debt for equity swap as opposed to the impending doom of BNB.