Huntleys' Stock of the Week
Marketplace
Babcock & Brown Power Provides Market Update
Thursday November 5, 2009, 6:04 pm

Original Announcement: BBP Market Update

Babcock & Brown Power provided market update, reporting that on 28 October 2009, an in-principle, but non-binding commercial agreement had been reached with Babcock & Brown International (BBIPL) regarding the proposed restructuring of the debt and outstanding fees payable to subsidiaries of BBIPL. As outlined in that release, consent of the BBIPL lenders is required to allow BBIPL, and its subsidiaries, to enter into a legally binding agreement with BBP. Furthermore the statement indicated that the requisite level of BBIPL lender consent was expected by 4 November in order for documentation to be sent to securityholders in time for a vote in relation to the restructuring proposal at BBP's AGM on 18 December 2009. BBIPL lender consent was not received by 4 November; however, the parties continue in dialogue with the aim of reaching a position that will enable securityholders to vote at the AGM on the BBIPL group restructuring proposal. BBP also advised that the interim award in relation to the previously announced gas contract arbitration in WA will be delivered late on the afternoon of Tuesday 10 November.

More information about BBP.AX
  •   

    • Copyright © 2010 Yahoo! Pty Limited. All rights reserved.
    Advertise with Us - Privacy Policy - Terms of Service - Help