"Because of the subordination arrangements, neither an administrator/liquidator of BNB nor Noteholders or the
Trustee would be entitled to seek the appointment of a liquidator to BBIPL so long as monies remained owing to
BBIPL’s senior lenders."
Some have disputed this fact in Hotcopper, however, obviously this is what the company keeps indicating. BNBG noteholders, including me, are stuffed if this is the case. What's the point of BNB going into administration without BBIPL going into admin.
BNB
babcock & brown limited
