Actually... I don't think I do see...
>"Because of the subordination arrangements, neither an administrator/liquidator of BNB nor Noteholders or the
Trustee would be entitled to seek the appointment of a liquidator to BBIPL so long as monies remained owing to
BBIPL’s senior lenders."
Enumerate: This is true - as long a subsidiaries of BBIPL remain trading.
StatsMan: Can you please explain why the subsidiaries of BBIPL trading is a problem? How are we able to put the subsidiaries into administration?
Enumerate: This is not true in the event BBIPL and subsidiaries are amalgamated or are individually put in administration by an administrator controlling BNB.
StatsMan: Can you please explain why this changes if they are amalgamated?
BNB
babcock & brown limited
