Hi Blackrivered,good question. The way I understand it, BBIPL is...

Hi Blackrivered,

good question. The way I understand it, BBIPL is 99.75% owned by BNB. Therefore if BNB goes into administration, the administrators will have the power to put BBIPL into administration to sell off assets etc. The announcement that BBIPL will continue with the proposed restructure assumes that the administrators won't put BBIPL into administration, but this is in the banks interest and not the noteholders. I think Enumerate has said that if the company goes into administration there will be a creditors meeting and that noteholders could push for the winding up of BBIPL. Enumerate will likely give you a more informed view of the situation.

I don't think anyone is prepared to accept the offer of nothing for their notes. We'd rather see administration.

Cheers,

StatsMan