$50 is the minimum, i don't see why noteholders should exhange for 50% discount when the bank which hold an upper trance debt exchange their debt for 100%.
It is more than likely that noteholders will see $60 to $80, the only different between note holders and the bank is the classification of the debt. notes are unsecure debt, and the bank are secure.
BNB
babcock & brown limited
bnbg value, page-8
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