they have to pay BNB $375m in 2 instalments 9/09 and 1/10. They cannot meet these from cashflow alone and all assets secured by bank facilities. So they need to sell all assets but have 9 months to do it. However there is a chance that they could sell substantial portion of assets and renegotiate lower level of bank debt whilst seeking banks to allow them to pay back BNB. They basically have thrown all balls in the air to see what opportunities arise. we all await their assessment of offers received.
merry christmas!
BBP Price at posting:
7.2¢ Sentiment: ST Buy Disclosure: Held
