For Brantley:This is from Friday’s announcement by...

For Brantley:

This is from Friday’s announcement by BBP:

Normalised EBITDA Guidance: In light of the recent deterioration in the underlying performance of the business, as well as the scale of the onerous contract provision release, the company is today also providing guidance on a ‘normalised’ basis. BBP’s implied normalised EBITDA guidance range set out in the 26 February Press Release was $300 - $310 million1. Weak trading conditions since then and further weakness forecast for the remainder of the financial year results in a downgrade to $260 - $270 million.

From ABN Amro BBP research report:

Income statement 2008A 2009F 2010F 2011F
Divisional sales 1527.4 1685.8 1945.5 2090.1
Total revenue 1520.0 1685.8 1945.5 2090.1
EBITDA 325.1 343.5 411.3 417.0
D&A -152.9 -159.3 -174.0 -176.9
EBIT 172.3 184.3 237.3 240.1
Associate income 5.9 7.2 7.7 8.1
EBIT(incl associates profit) 178.2 191.5 245.0 248.3 PEG (pre-goodwill) (x)
NET INTEREST EXPENSE -200.4 -287.1 -293.5 -289.3
Pre-tax profit -22.2 -95.5 -48.5 -41.
Income tax expense -28.0 28.7 14.5 12.3
After-tax profit -50.2 -66.9 -33.9 -28.7
Minority interests 0.5 0.0 0.0 0.0
NPAT -49.7 -66.9 -33.9 -28.7
NPAT post abnormals -426.0 -66.9 -33.9 -28.7

Brantley,
Note the Interest Expense for 2009/10: $293.5M

Now, if you only have EBITDA of $260M to $270M, what does that make the company?
Why do you think the company has suspended the stock and are in talks with the banks?
I'm a realist. I own the stock and wish BBP could sell some assets but sales don't seem to be progressing do they?