Lots of companies have negative equity at some stage. ie the...

Lots of companies have negative equity at some stage. ie the loans exceed the assets. That's no big deal. As BNB say it all depends on how you value the assets. In a firesale they are not worth much, but they may still produce income for awhile. Restructuring the debt may improve the earnngs too. So might paying off debt. An equity swap is equivalent to paying off debt for nothing. Money is getting cheaper. That has to be good news for refinancing. Lets hear what the banks have to say before writing off BNB. Why would the banks agree to an equity swap if they thought their was no future for BNB? They must have a plan to get BNB back on its feet. Expect the bank report to be a real wooooosh job!