spoke to bnb, page-36

>If BNB goes into administration and we as noteholders trigger the BBIPL guarantee, how does the creditors meeting work?

The creditors meeting is only for the creditors of BNB. So, the meeting will be dominated by grumpy ex-BBSN noteholders.

A creditors meeting is usually summoned shortly after a receiver is appointed. The receiver takes over the powers of the board.

For example, as BBIPL is a near 100% subsidiary of BNB - it is the receiver who then can, acting as the BNB controlling shareholder in BBIPL, enact a shareholder motion to liquidate BBIPL (a wind-up motion).

>Will the banks and the noteholders all vote on whether to put BBIPL into administration is they say they can't pay the debt back?

No only the creditors vote at a BNB creditor meeting. The Banks are not creditors.

>Do we need a majority of the capital/debt behind the decision or does it simply suffice to have a majority of noteholders?

Some motions at a creditors meeting can be carried by "voices" - I would suggest that the liquidation of BBIPL would need to be carried by "amount". The good news is that all the ex-BBSN holders will be present at the meeting with their relative "amounts" clearly established by the Trustee.

Since BNB has nearly 100% of the equity in BBIPL - this shareholder resolution will be passed with an overwhelming margin.