The BusinessSpectator has the...

The BusinessSpectator has the following:

http://www.businessspectator.com.au/bs.nsf/Article/Banks-may-buy-out-Babcock-noteholders-report-pd20090420-R9TKK?OpenDocument

Banks may buy out Babcock noteholders: report

A group of Babcock & Brown Ltd's lenders is reportedly mulling a bid to buy out the company's 8,000 subordinated noteholders, who are owed around $600 million, ahead of a meeting to determine how much the investors could recoup from the company's collapse.

Analysts told The Australian that the syndicate of 25 banks would need to put forward much more than the $600,000 offered by management in March - and fiercely rejected - if the lenders want to avoid potentially costly investigations into the investment firm, including liquidation or debt claims if the company is solvent.

In March, Babcock appointed voluntary administrators Simon John Cathro and David Lombe of Deloitte, following a decision by New Zealand creditors to vote against a restructuring plan.

The administrators, which are investigating the affairs and collapse of Babcock, have previously said the firm was left with limited assets and cash.