BNB can say what they like in the announcement but that doesn't mean too much when even they admit that they need to look into issues with the subordinated notes.
They said BNB going into administration would not affect BBIPL continuing to carry out the plan but that will change if BBIPL is put into administration by Note Holders.
Bottom line is that they are repayable once an Exit Notice is provided due to a Delisting Event and if BNB go into administration then it is guaranteed by BBIPL and the banks do not want BBIPL to go under as well, which Note Holders should have a right to do as it will become payable and we rank behind the banks only once BBIPL is in administration, until then we have the right to request payment.
BNB
babcock & brown limited
