http://www.businessday.com.au/business/skyscraper-tenant-bampb-rent-asunder-20100523-w411.html
Skyscraper tenant B&B rent asunder DANNY JOHN
May 24, 2010
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AN ''ONEROUS'' rental bill agreed when the good economic times were rolling could finally bring down the surviving operational arm of the failed Babcock & Brown (B&B) group.
Babcock & Brown International Pty Limited (BBIPL) - in which B&B's main assets were ring-fenced from the collapse of its parent last year - has warned that it will have to call in administrators if it cannot strike a new deal with the landlord of its Sydney headquarters.
BBIPL has been required to make a provision of $53 million in its latest financial accounts to cover the current leasing terms for the space that it has rented at Chifley Tower, one of the city's most prominent skyscrapers.
Advertisement: Story continues belowA variety of offshoots that sheltered under the B&B corporate umbrella were based at Chifley ,which has views over the Domain and Sydney harbour.
But the advent of the global financial crisis saw them and the main company encounter such severe financial difficulties that most of the B&B businesses cut back on their space in the tower (partly as a consequence of job cuts) or move out altogether to much cheaper premises.
Source: The Age
BNB
babcock & brown limited
