I think Statsman that this is a pretty unique situation. I am...

I think Statsman that this is a pretty unique situation. I am sure the banks want the prices written down as much as possible to make any potential bargaining position with bondholders seem a hopeless task for bondholders and they surrender meekly.

The auditors will have so many tags attached to their audited report that the valuations will become a moot point in any case, because everyone knows the company is in a distressed state.

It looks like from the press that they are simply going to laeve the bondholders hanging until such time as the preference shares get paid off. To do that all the remaining corporate debt would need to be cleared first, then the pref shares, before the bondholders get a look in. That could be years away yet. Will be a very long road.

One thing being glossed over is that if BNB manage to get a lower deal on falling interest rates, surely the cashflow from existing assets will slowly start to right their ship, although this could be years in the working.

Very interesting process.