>the paragraph says that they will try to restructure.. but it may not be achievable in which case the company will go into administration and be delisted
You are right.
The key point to note is that the restructure, as outlined, puts a 20% pa "restructure fee" on the balance of the corporate facility due by 2018.
This burden puts time on the side of the bankers and not on the BNB ordinary holder. They only way this would be agreed to, by the directors, was if they were willing to "completely give up" on prospects for the shareholders.
The directors and management see the horse is lame. They have put a bullet in it's head. (But they are keeping the nicely padded saddle!?!)
Without a new board and probably senior management team - BNB will drift into "suspended animation" pending the final liquidation in 2018. Prospects for a payout, to the ordinary holder, are minimal - by design.
BNB
babcock & brown limited
