"BBI is now simply a punt on DBCT selling at a reasonable EBITDA...

"BBI is now simply a punt on DBCT selling at a reasonable EBITDA multiple."

I think there is more to it than that, but I do agree that in the short term this is really where it is at and would really be a significant step on the road to recovery. They simply must eliminate the corporate debt (which includes the BBI Networks NZ$150m worths of bonds) and then they can start to focus on paying off the SPARCS bonds ($NZ$140M) and then start to do something about the prefs.

BBI ords cannot recover until the BEPPA issue is addressed properly.

I would prefer to see them keep their cash and restructure the BEPPA's myself into something that both the ords holders and pref holders can agree on. There has to be a mid-point when both parties give away some ground, but in the end help each other out by all taking the same equity (that would be ords) in the company.

I think the cash servicing on the prefs is something they could do without. I would prefer not to see them have to sell further assets if they can avoid. Also bear in mind that the removal of this $700M would help their gearing ratios as well.