to put BNB under now would destroy a lot of the remaining value as you say, esp the mgmt rights.
Banks would be shooting themselves in the foot if they did this and I am sure they know this.
I would expect all bondholders to be turned into equity at some point, simply to move $600M from the debt line to the equity line.
BNB
babcock & brown limited
how many chance of surviving?, page-10
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