bnbg value

Have been thinking about the CNP situation and workout.

If CNP Bankers exchanged $1bn of debt for 90% of the company then they are roughly valueing the company at $1.11bn.

CNP had $5bn of debt, BNB has 8bn so if they convert the same % (less the BNBG notes) then that is roughly $1.5bn for 90% which would value the company at $1.65bn (so current shares would be worth 165mm/372mm shares = 44cents a share)

The BNBG notes have a flaw in that there is no floor in the share price for conversion so they are convertible into 400mm of shares which might give them some bargaining power. They are however subordinated which might take that power away.

My guess is the BNBG notes will be cut by 50% and be given a fixed conversion rate of say $1 per share which means that they will get 50 shares for every $100 notes which would be worth 44cents * 50 = $22 per BNBG note.

Heres hoping anyway