>my guess is, 1/2 bank debt convert to perpetual notes. 1/2 debt convert to preferences shares. bnbg convert to preference shares at $100 face value.
This structure would make sense ... the conversion terms of the preference shares would of course define the degree to which the ord holders would get scr*wed.
The problem is, the terms of the preference shares would be a political impossibility to actually negotiate. You cannot back the ord holders into a corner - they can play the administration card.
Telling people their equity is zero and having them hand back their shares for zero value only works on HotCopper ;)
BNB Price at posting:
32.5¢ Sentiment: Hold Disclosure: Held
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