Yeah, but they flagged in their presentation that sale by the 4Q...

Yeah, but they flagged in their presentation that sale by the 4Q may not occur and that bids were mostly only for some of the assets not all.

Quote:
"At this stage we do not envisage an outcome which can be presented to securityholders before Q4 FY09."

In light of this financial performance though, bidders for individual assets are better off waiting for BBP to fall over. EBIT of under $300m p.a. cannot justify an enterprise value of over $3.2b (the amount required to pay off debt only) in this market. Equity is most definitely negative in BBP now. Banks are now facing a haircut on their debt.