Well, I stand by what I wrote as being what I was told. This...

Well, I stand by what I wrote as being what I was told. This announcement rules out full repayment (rightly or wrongly) but it does not rule out a discounted offer to buy back the notes.

They do not want BNB (the listed entity) to be put into administration and this is obvious (again) from this announcement.

They are also aware of the complexity should the guarantee be called and BBIPL remain trading. They point out that ".. BBIPL's obligations under its guarantee of the Notes are also subordinated to the rights of BBIPLs bankers..".

We need clarification (from the Trustee preferably) on whether this is actually the case if BBIPL continues trading or only applies in the event of a wind-up. Herein lies the key for note holders.

In the current environment, 'restructure' could mean anything. I still believe we need to see details of the restructure before drawing any conclusions.