You are bang on there enumerate.
How refreshing it is to read an intelligent post instead of the usual drivel of "oh Halley's Comet is coming early, so BNB will be up or down or whatever today" or the infernal "$2.50 by next Christmas" when an obviously huge equity dilution is staring people in the face.
I had a good read today of the BBW corporate presentation that was released last week. It is very obvious that the value of the BNB wind assets that they own is not going to go down and the banks would be better off to support the company while these are sold in an orderly manner and also to provide cash to complete any wind farms they have under development and get them sold as well.
These are interesting times for BNB. I am sure their plan due on Jan 9 will need to be a good one, but the banks want to keep this going so they will be accommodating if BNB can sweeten them up enough. I hope they sell their other European wind assets before Jan 9 so that we can see the effect of that on their books and their overall debt levels.
Also interesting to see BBW making more sales. I suspect they may themselves pick up some BNB wind assets. BBW looking like a survivor.
BNB
babcock & brown limited
