If you are having trouble extracting fair bids for assets because the bidders are waiting for what looks like inevitable administration, what do you do?...
A: Show them a very real way in which they are not going to get those assets in administration!
I know it's probably fantasy, but if you read the announcement with that possibility in mind, the line about the CI having first right of refusal on asset sales is there because it makes a point to bidders.
I'm not saying the CI is made up (although not yet named???), but I suspect BBI has some significant hope that this might just get them the assets sales that they so desperately need.
BBI Price at posting:
6.1¢ Sentiment: None Disclosure: Held
