....Negotiation on Long Term Capital Structure The agreement contemplates that by 28 February 2009, Babcock & Brown will propose a longer term capital restructure, which is expected to include a debt for equity swap, acceptable to its banking syndicate. The agreement provides for this to be implemented by 30 April 2009. Mr Larkin continued, ¡§We remain focused on reducing debt levels while managing the business to meet our obligations and preserving the value of our assets and funds management platform. We will continue to seek to maximise value for all stakeholders through an orderly asset sale process which is expected to take place over the next two-three years. During this transition period there may be significant volatility in the earnings base of the business. ¡§We appreciate that this is an extremely difficult period for all Babcock & Brown stakeholders. The Board and senior management would like to thank all stakeholders for their ongoing commitment and support.¡¨
Back then they didn't say anything about dilution!
BNB Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held