Babcock Lenders Favor Plans to Retain Management, Review Says Email | Print | A A A
By Jacob Greber
Jan. 9 (Bloomberg) -- Babcock & Brown Ltd.’s lenders favor plans that will keep management in place to oversee the sale of the company’s assets, the Australian Financial Review reported, without saying where it got the information.
A syndicate of Babcock lenders yesterday held its second late-night meeting this week to discuss a survival plan put forward by the company, the newspaper said.
The Sydney-based asset manager said yesterday its shares will be halted from trading until Jan. 12 as creditors discuss a debt-for-equity swap to rescue the company.
While the swap would dilute existing equity holders and leave the banks as “substantial owners of the company,” the move hasn’t interfered with the syndicate’s discussions on options, including restructuring the company and selling units, the newspaper said.
To contact the reporter for this story: Jacob Greber in Sydney at [email protected]
Last Updated: January 8, 2009 15:16 EST
BNB Price at posting:
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