about to break, page-49

I think the big difference between BBI and CNP is that BBI has long term contractually regulated revenue, thus less vulnerable to economic activity or lack thereof. The banks can therefore operate with a higher degree of confidence and certainty regarding the future income stream and therefore debt repayment ability. If necessary, they could assess the level of shortfall with reasonable confidence and therefore provide extensions until such time that asset sales can be undertaken in a more favourable environment. Having said that, it wouldn't stop them taking their pound of flesh along the way as per my quick read of the CNP deal. Anyway, just my opinion, and DYOR!