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Babcock & Brown Power Provides Update on BBP Loan Restructuring
Wednesday October 28, 2009, 9:01 am

Original Announcement: Update on BBP Loan Restructuring

Babcock & Brown Power reported that on 28 September 2009, Babcock & Brown Power provided an update to the market on the progress of its loan restructuring process. The expectation at that point was for legally binding agreements to have been reached with both of BBP's major financiers by mid-to-late October. Despite the ongoing efforts of all parties, this timeline will not be met. Documentation of the BBPF Facility Restructure is well underway, however, an understanding of the implications for the business of the outcomes from the arbitration process relating to the North West Shelf gas contract is required prior to conclusion of the restructure. BBP expects that the arbitrator, Mr. Michael McHugh will provide an interim determination in the near-term. Subsequent to that interim determination, BBP expects to be in a position to finalise the BBPF Facility Restructure and advise the market accordingly.

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