>I think the issue here is that BBSN holders can force BNB into administration but, as I understand it, BNB cannot force BBIPL to repay the loan that BNB advanced to it. It's not that the money is not owed as the debt still remains. It's just that the terms may not allow immediate payment to be demanded.
This is correct.
The banks have fixed/floating charges over the assets of BBIPL.
The trick is to halt the restructure over 9 years. The goal is to stop the bank restructure by tipping everything into administration. (BBIPL and subsidiaries).
BBSN have more to gain from an honest insolvency that Bank orchestrated "suspended animation" with banks financing their corporate debt at 20% pa "restructuring charge".
BNB
babcock & brown limited
