there is no way BNBG noteholders will get swapped into something that has the same priority as the banks.
They may indeed get swapped, but it will be into something with lower priority. It has to be. Banks will not do the noteholders any favours, but it is possible they would like to get rid of the noteholders rights, so they may be thrown a bone.
Obviously these negotiations are becoming quite protracted, but the banks cannot put BNB into administration otherwise they lose the value of the management rights. Great poison pill put in there by Green and co.
BNB
babcock & brown limited
