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Babcock & Brown Power Provides Update on Loan Restructuring
Monday September 28, 2009, 12:28 pm

Original Announcement: Update on BBP Loan Restructuring

Babcock & Brown Power reported that it made substantial progress in commercial negotiations in relation to the restructuring of the debt owed to its two major finance providers, the Babcock & Brown Group (B&B) and a syndicate of banks that have lent to a subsidiary, BBP Finance Australia (the BBPF Syndicate). The 11 members of the BBPF Syndicate and B&B are in the process of seeking internal approval to implement the restructuring - which in the case of B&B involves consent from its financiers. As previously announced, BBP had expected to have entered into legal agreements to implement the transactions prior to 30 September, but now expects this will not occur until mid to late October - at which time details of binding agreements will be announced to the market. Resolution of the B&B loan restructuring is likely to require a securityholder vote.

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