gone, page-40

FWIW this talks about dilution of value to share holders.

http://www.businessspectator.com.au/bs.nsf/Article/No-value-for-Babcock-and-Brown-equity-holders-$pd20090123-NJUMJ?OpenDocument

Babcock & Brown continues talks with creditors on debt restructure

Reuters

Australian investment group Babcock & Brown Ltd said talks were continuing with creditors on a debt restructuring plan, though an announcement may not come until the week beginning February 2.

It had previously said it expected to make a statement on the outcome of talks to repay $150 million in short-term debt coming due at the end of 2009 during the week of January 26.

Babcock said in a statement on Friday that it now sees an announcement either at the end of the January 26 week or the beginning of the February 2 week.

The group also reiterated its view that its new business plan and balance sheet restructure would offer no value to shareholders.

Its proposals include a possible debt-for-equity swap which is likely to dilute the value of its existing shares.

Babcock, once worth around $US6.5 billion ($A9.9 billion), has seen its market value crumble to around $US80 million ($A122 million) after the global credit crunch sparked a crisis of confidence in its debt-funded expansion model.

Babcock & Brown International Pty Ltd is the holding company of Babcock & Brown Ltd.