chim chimney chim chimney....., page-7

Maybe a restructuring of the BEPPA could do part cash and part shares, because I cannot see them coming up with all of the $700M in cash and the arrears. It is simply too much.

Melua, unless the company has the cash itself to pay out all of the arrears and the $700M principle, I cannot see banks lending them money to take out the prefs. And I could not see them issuing bonds either as no-one will want them. The failure of the BNB parent bonds in NZ and Aust has left investors extremely wary of such issues like this, which would be completely shunned.

The market will not trade the prefs at anywhere near 60 cents unless BBI can show it has the cash.