very true htran, one thing of great interest is that in the CNP case debtholders got 90% of the equity in exchange for only 20% of their debt. not sure if CNP had sub debt and how the alterations to the new term loans were made but by the looks of it on the face it was pretty decent for banks. Guessing will be a decent to good result for BNBG holders (from the current price anyway) and an OK to poor result for shareholders from current price.
BNB
babcock & brown limited
