ye but if we all elect for repayment and they have not got the money, then what would happen.
They would be better to take the noteholders out (admittedly at a considerable discount) than go through the pain of all of this. Or offer a lower B note to the banks A note and kill off the bonds that way.
Obviously people would be foolish to expect a $1:$1 swap for these B notes, but at 1:3 or 1:4 may be required to make it happen.
Interesting.
BNB
babcock & brown limited
