bnbg value, page-16

I wonder if it is easier to swap the debt for equity on a similar ratio for the bondholders, but perhaps the bank equity maintains a higher preference than the bondholders equity, eg like a preference A share and preference B shares, where A is the banks and they have priority and the B is the bondholders are we rank ahead of the ordinary shareholders.

Whatever happens, it does not sound like being an ordinary shareholders is going to be a fun experience in the next few weeks.

I would be surprised if the ASX allows the company's securities to trade until the full extent of the dilution is known.