BBP does not have the cashflow to repay the BNB debts as and...

BBP does not have the cashflow to repay the BNB debts as and when they fall due. thus they need to raise equity or sell sufficient assets and renegotiate remaining debt levels. I'm hopeful that the current sale process produces a better outcome for us, however if not that things get so bad that the Govt. steps in to provide lending to those that are credit worthy and can meet their debts over time.

They have not yet settled on the Kwinana / Neerabup sales which is puzzling, as it has been announced and they indicated it would happen prior to end Dec. Whilst the debt is not due til March I am somewhat concerned re the delay. But assuming that does goes thru shortly (which will be a positive for the shares) what is comforting is that their next debt repayment is not until September 2009, so they have some time yet.

If all else fails they could always do a 4:1 rights issue at 6 cents ( yes 4 more for every one you own) to clear the debt to BNB, and if it came to this it would be a better outcome than a fire sale of assets just to help BNB bankers.