Could the proposed "restructuring" consist of a swap of existing notes for say $20 or $30 per note and the issue of an identical note but with an $80 or $70 face value based on the amount of cash paid. The new notes are still effectively worthless, but this might be one way that BNB will try and "sweeten" the crap deal that they are going to offer.
BNB
babcock & brown limited
