Debt troubled Babcock & Brown Infrastructure Ltd (BBI) may not release the details of its $850 million rescue plan until Thursday, according to the Australian Financial Review newspaper.
BBI is expected to tap Canadian cornerstone investor Brookfield Asset Management for $600 million and put forward a $250 million share purchase plan (SPP) to its existing shareholders.
The company is also expected to to sell a 50 per cent stake in the Dalrymple Bay Coal Terminal and all of its British PD Ports business to Brookfield in a move designed to help the infrastructure fund tackle its debt burden.
But the Australian Financial Review has reported that it is understood that the details of the plan may not be available until Thursday, more than a week since BBI rejected a rival deal from Royal Bank of Scotland.
According to The Age newspaper, BBI is planning to sell PD Ports to Brookfield for a nominal price of $1.
BBI has $9.1 billion in proportionate debt and $1.2 billion in corporate debt facilities.
Of that, about $2.7 billion is due to mature in financial years 2010 and 2011, including $300 million due in February 2010
BBI Price at posting:
5.3¢ Sentiment: None Disclosure: Held
