bnbg force admin the restructure goes ahead?

I have not followed this for a while and was just reading the threads, the view seems to be that BNBG forces admin and the banks are stuffed. In the ann it seems to contradict this point see below, i would be interested to hear some views or possibly what i am missing.

"A Delisting Event (triggering requirements which would ultimately lead to note holders becoming entitled to request repayment) occurs under the notes if Babcock & Brown Limited ordinary shares are suspended from trading on ASX for a period of 20 consecutive business days. The ordinary shares have been in trading halt for two business days and suspended for a further 18 business days. Babcock & Brown is considering the implications of this and also a
possible restructure of the subordinated notes. Any restructuring proposal relating to the notes will be subject to special resolutions to be put to holders of
the notes issued in Australia and the holders of notes issued in New Zealand and the restructuring being able to be implemented by 15 March 2009, the next interest payment date for the New Zealand notes. No assurance can be given
that a restructuring will be achievable. In the absence of the restructuring of the subordinated notes taking place it is likely that Babcock & Brown Limited, the listed entity, will be placed in administration within the coming weeks. If that occurs, it is also likely that the shares of Babcock & Brown Limited will be delisted from the ASX. An
administration of Babcock & Brown Limited, if that occurs, will not affect the solvency of Babcock & Brown International Pty Ltd, the primary operating company in the Babcock & Brown Group and borrower of the corporate debt. It
will continue to operate and implement the revised business plan, including the asset sale program as outlined.

Disc : i have traded BNB and BNBG previousy and only sold out some BEPPAs today