BNB debt now owned by vultuer funds who paid 30c in teh dollar
If they turn $400M debt into equity at current market price (8c) they will have 5B shares vs 730M currently on issue. That gives them 87% of the company.
Thats not including any interest on the $400M or any discount to current market price which I'm sure they will negotiate.
With a 90% holding they can easily take it private and then sell off the assets to one of their funds.
Not bad for buying the original debt for 30c in the dollar. I'm sure the management will endorse any proposal that saves their jobs.
BBP Price at posting:
7.4¢ Sentiment: Sell Disclosure: Not Held
