It's the non recourse debt that is the problem. I would not suspect there is too much of a problem with recourse debt that is being serviced as per normal.
BBI needs to progressively filter the European banks out of its facilities either by repaying them or refinancing the loan with someone closer to home. The problem for them is that I think the refinancing door is pretty much closed at present, so repayment seems to be where it will need to go.
Do you think the company has stopped paying its pref interest for fun? The banks have the right to block these payments if they want to, but it is patently obvious the company had to stop its BEPPA interest to meet other more important commitments. When a company stops servicing some of its commitments, people need to sit up and take notice.
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