Feb. 6 (Bloomberg) -- Babcock & Brown Ltd. will be forced by creditors to sell all its assets to repay debt, wiping out shareholders after its strategy of buying ports and property on credit imploded as the global financial crisis deepened.
Chief Executive Officer Michael Larkin will lead the sale process and hand the proceeds to banks over the next two to three years, Sydney-based Babcock said in a statement today. The listed company, which had a peak market value of $7.8 billion, may be placed in administration and removed from the exchange, it said.
Does this mean BNB shares will never resume trading?
BNB
babcock & brown limited
Feb. 6 (Bloomberg) -- Babcock & Brown Ltd. will be forced by...
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