We have been told in the recent formal notification of the BBSN...

We have been told in the recent formal notification of the BBSN trigger event that:

"... the Directors of BNB believe that it is in the best interests of Holders to amend the terms of the Notes so that the continued existence of the Notes does not cause BNB to be insolvent."

We will have to wait and see what this means, in practical terms.

I will continue with the view, that there is more security in translating my BBSN noteholder debt into debt in BBIPL (as per terms of the BBIPL guarantee to the BBSN holders).

The most obvious way for this to happen is the wind-up of BNB.

My further intention, at the BNB creditors meeting, is to wind-up the subsidiary - BBIPL - and trust an insolvency process for any possible payout - as an unsecured debtholder in BBIPL.