I see no reason to panic ATM. Management has not announced anything that the sale of the "Kwinana Power Station" and sale of all assets of "Alinta EATM Pty Ltd" are not going forward.
In their announcement (see below) it states that they "anticipate" to reach financial close before the end of March 2009 on these assets.
I for one am willing to wait and see.
Cheers, Brantley
Section from:
ASX 27 February 2009 "BBP ANNOUNCES PROGRESS ON CAPITAL STRUCTURE AND INTERIM 2009 RESULT"
//BBP’s remaining interest in the Kwinana Power Station is anticipated to reach financial close before the end of March 2009. At this point in time the BBPH facility will be completely repaid.
On 12 January 2009, BBP also signed a binding agreement for the sale of all assets of Alinta EATM Pty Ltd (AEATM). Completion is also anticipated before the end of March 2009
Update on Management Agreement
All management staff are now directly employed by BBP. Negotiations to terminate the Management Agreement are well advanced with BNB.
Renegotiation of BNB debt
As announced on 26 February 2009, the terms of $381 million of debt owed to BNB have been renegotiated.
The renegotiated terms are summarised as follows: • The repayment date for the debt is March 2010. The debt was originally repayable in two tranches; $179 million in September 2009 and $202 million in January 2010.
• Interest accruing on the debt will be capitalised, with payment of the capitalised interest deferred until March 2010.
BBP is currently negotiating to further extend the maturity date for the debt to a period beyond 2010. //
