Exactly.
So apples, given that refinancing is a no-go, the only other way to deal with the corporate debt would be to repay it when it becomes due and payable.
Unfortunately, asset level lenders have tightened their LVR's / Loan covenants, and have required much of the asset cashflow to stay at the asset level, to repay asset-level debt.
Without a recap, BBI is doomed, and there is only 1 recap on the table....
