I think presenting the proposition that BNBG is valueless does not bear up to examination. (Not that any rational arguments have been presented to support this conclusion - I will try to anticipate the likely justification):
Negative Equity:
Negative equity does not imply that BNBG are valueless. You can hold assets with negative equity as long as you have cashflow to paydown the debt and have borrowed over a long time horizon for the profitable cashflow to give you time to build up equity or realise the asset.
BNB are going broke:
Really?!? - given the BNB development pipeline, we do not really have any idea what is happening on the +ve side of the ledger. It is clear that non-core assets and projects are being "marked to market", with significant impairments. The people who have the most up to date view have just lent the company money and have relaxed interest payment terms.
BNBG holders will be last in line, therefore will suffer:
Really?!? - superior ranked debt holders do not appear to have the ability to call their debt - the terms of existing corporate loans have been relaxed, any recourse debt is not yet in default and is recourse debt. However, the BNBG terms do give holders the right to demand an exchange event if some of the anticipated corporate surgery goes ahead. The ranking of the subordinated debt is not the full picture - there are other factors at play, where BNBG holders have some advantages.
Fortunately, we are in suspension (the timing countdown of which gives BNBG holders some advantages). I suggest that holders have some reason to be optimistic about the eventual outcome.
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