I did see the quote below suggesting a range of 10c to...

I did see the quote below suggesting a range of 10c to $1.00

"Potentially, there is something here that suggests that maybe, just maybe, Babcock has a life," said Angus Gluskie, portfolio manager at White Funds Management.

Babcock's shares came out of a two-week suspension after the news and more than doubled in value to A$0.48 at 0120 GMT. They peaked last year at almost A$35.

Uncertainty over a possible debt-for-equity swap made it hard to say where the shares would settle.

"It's very hard to judge where the shares will ultimately be, even if the company survives, whether the shares will be worth 10 cents or a dollar," Gluskie said.