banks will agree because they get extra $1.2bil cash plus $300mil from DBCT. BBI will only be left with asset level debt which interest is being met and no defaults.
owners 'should' agree. current 100% BBI = $140mil odd
convert beppa, and you will add anothe $770mil odd.
770+140=$910mil * 18%= roughly what you have now.
then add $600 mil from csi and lower your holdings from 18% to 9%, you would have 9% of $1.5bil. still what you have today.
then the article went on to say you would be offered a rights issue to raise another $600mil(in effect creating about 45bil shares if fully subscribed, 15bil would be the csi or 33%).
you would then have 18% again of $2.1bil. it all works for everyone concerned.
cheers
BBI Price at posting:
5.4¢ Sentiment: None Disclosure: Not Held