I also agree that a restructure of BNB is more likely than a receivership.
The receiver will do what every trauma doctor knows:
- stabilise the patient
- put them in intensive care
- worry about the long term recovery, last
We are seeing a bit of patient stabilisation from the banking trauma team. The banking covenant announcement will signal that this work is done.
In intensive care - assets will be sold, management contracts sold, employees restructured (to the satellites and maybe MBO of other units), loans will be restructured.
Long term recovery as an infrastructure "fund" - will be worked out when the patient is transferred to an acute ward.
Drs Goldman and Sachs will be in close attendance.
BNB
babcock & brown limited
