bbi eps structural seniority to corp debt, page-6

Melua; unless there are non disclosed guarantees, the administrator of BBI EPS will sell the assets, pay out the bank debt and the next in line is the BEPPA security. Any excess is available for the equity holder (ie liquidator of BBI).The assets are perfectly saleable and arguably the Dampier Bunbury has better growth prospects than DBCT, and DUE or Singapore Power are the natural buyers. The fact that BBI made no effort to sell the BBI EPS assets is indicative of the difficulty of upstreaming the cash to BBI. Why that would be any different in a liquidation or BAM inspired scheme is difficult to imagine.
BEPPA holders are in a better position than corporate debt for at least some of the asset.