it is true that there is some confusion over the guarantee.The...

it is true that there is some confusion over the guarantee.

The important thing here is that the guarantee should only be subordinate in a winding up. Once the repayment is not paid by BNB then it should be current to BBIPL, if it is not paid then it should be an event of default for BBIPL and an administrator could be called in.

If this is indeed the case then, the noteholders would likely get zip as they are subordinate, but the banks will also likely get much less than if its allowed to rundown over a few years.

This is our bargaining position i believe.