>the loan bbp can pay ... but with the mangement fee on top
>of this ... come on that a bit of joke when bnb is offering
>bbp no value and no support.
You may be right ... given that the trend is for BBP, BBI, etc to go their own direction ... over time, you will get your wish.
However, the immediate question is the survival of BNB.
(I am not a BNB ordinary holder - my interest is in the value of BNB debt. However, if I did hold, I would certainly NOT expect receivership any time soon).
The BNB final year accounts will be very interesting.
A dream result would be:
- all or part sale of BNBP assets to Origin/AGL/etc
- sale of regional assets from BBI (Euro ports, NA assets)
- rationalisation of BBW assets
If anything could happen to dispose of Real Estate, Asset Leasing units ... this would be the icing ... but I suspect these will take a while to package and sell - maybe even MBO.
(I hope BBI keeps the coal port).
I would expect, with this, that the BNB Corporate debt would be gone (leaving non-recourse debt in the investments).
It would even be possible to go 100% on BBI, given the right outcomes.
BNB would then be a much simpler company to understand. It would play in a few targetted sectors and be an asset owner rather than an asset developer.
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