BNB can do a restructure which can include increasing security to secured lenders (see PDS), what you will find is that BNB will do this restructure increasing security to banks. something to be aware off is that the 20% restructure fee probably will never be paid back as the hurdle is to high thus causing the banks to get back there funds and making sure that noteholders are left with nothing.
The fact that the trigger has been met i believe effects BNB ability to do the above. see PDS
The fact is that BNB has stated catagorically on a couple of occasions that noteholders not excepting the retructe WILL NOT effect the banking restructure. (ann and interview). I am doubtful that they would be saying this if they had doubts about it, remember they engineered it in the first place their will be imbedded clauses that will protect the banks
BNB
babcock & brown limited
