BNB is now in Voluntary Administration. Deloitte has been appointed as Administrator.
We have what we wished for: our noteholder rights, under the trust deed, have not been modified, diluted or erased.
We have the power, through the Administrator, to enact a set of resolutions at the creditors meeting to completely control BNB, BBIPL and all the subsidiaries of BBIPL. We have the power to completely overturn the restructuring path agreed by the ex-BNB board and the banking consortium.
We have, as confirmed in a question at the meeting to the board, the right to instruct the Administrator to force BBIPL into administration. As we speak, even more cunning plans are being arranged to for the entire group into administration. (The large holders who contacted the board earlier this week now have all the details of the trust deeds to plan the best way to detonate a nuclear device under the BNB group).
We will proceed to enact a complete insolvency process over as much of BNB's assets as possible.
The bankers know we can do this - they have tasted our resolve at the Noteholders meeting. There is even a fund of $1.5million cash, in BNB, from which the Administrator can draw to fund investigative action as directed by creditors resolution at the creditors meeting.
We now have the momentum to drive the insolvency process forward. It is now the bankers who are the passengers - unless they decide to approach us with a reasonable alternative.
Events over the next 8 days will be critical.
BNB
babcock & brown limited
