from another view, page-10

This increases the likelihood of a substantial D2E deal IMO. As the book value of assets is now below debt, the banks would be crazy to send B&B under -- they will surely have to write down almost half their debt. Therefore it is likely that a hybrid agreement will be entered into where by for example the banks will convert 750m of debt into equity on a 3-4yr hybrid basis, BNB raises 200m through a rights issue and commits to an asset sales program of 1-2bil over 3 years -- similar to the CNP arrangement.

This would bode very well for BNBG, but would be a terrible outcome for BNB.

This could be the reason why BNBG was not affected much by the announcement today -- It looks more and more like the equity will be destroyed in the company in favour of a survival strategy,