I don't think they can leave the bonds alone as the rights of the bondholders over ords are too dilutory. You would not want bondholders to interfere in the overall processed. They would need to be thrown a bone to get them to join the party. I suspect they will try to tidy these up as part of the overall proposal. Would make things much tidier.
If they do leave them alone, they will I suspect leave them hanging without interest as well, which would not be a good outcome.
Either way, we will soon find out. They must be working overtime at the BNB offices to get all this ready for next week. I would love to be a fly on that wall.
BNB
babcock & brown limited
