I also agree that a restructure of BNB is more likely than a...

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.