I think the difference between BBI and BBP is that BBP is in...

I think the difference between BBI and BBP is that BBP is in breach of its covenants and BBI is not.

And once you are in breach, unless you have a very compelling case to put forward, the banks will show no mercy whatsoever. And I think we are about to see BBP dismantled in my opinion and equity holders getting put through the mincer.

BBI need to make sure they stay out of breach until DBCT sells. I do not think they will be in breach of their corporate facilities unless something ugly happens. Let's hope the delayed settlement for the ports sale is finally put to bed, because refunding the 35M Euro deposit is obviously a problem. Once the DBCT cash is received, they can direct it where it is needed and also pay a large chunk of corporate debt down as well.

They need to get themselves into a position where they can trade their way through on their operating cashflow alone. I don't think that is the case at present.