BNB is giving away its windfarm at cheap cheap price:
From Business Spectator:
Babcock sells EBB stake for $2m
By a staff reporter
Debt-laden Babcock & Brown Ltd has sold a 20 per cent stake in one of its group companies, Everest Babcock & Brown (EBB), for $2 million to a Melbourne-based private investment firm.
Babcock is in the midst of an asset sale program to pay off $3.25 billion in debts. The investment firm's bankers recently agreed to loan the group another $150 million to give it time to introduce a new business plan and restructure its balance sheet.
Wingate Group's managing director and founder Farrel Meltzer said the purchase of 50,088,689 shares worth $2,003,548 on December 5 was an attractive opportunity to expand the firm's funds management interests.
"We believe that funds management in Australia has a strong future and while the current environment may be difficult for funds management businesses, this provides opportunities for businesses such as ours," Mr Meltzer said.
"We know the management of Everest and we will take a long term approach to working with them to grow the business," he said.
BNB
babcock & brown limited
