Subscribe to RSS feedBBI in share halt as new plan is finalised
Ports investment group Babcock & Brown Infrastructure (BBI) will detail its revised recapitalisation proposal on Monday.
Dalrymple Bay Coal Terminal (Photo: Southern Cross Maritime)
BBI shares on the Australian Securities Exchange were suspended at the request of the company this morning amid speculation that the group was preparing to cut its $9bn debt by issuing new shares.
Much of the group's debt is held against its major assets, such as Dalrymple Bay Coal Terminal, which BBI has tried to sell.
BBI has a market capitalisation of $137.7m, with shares worth just 5.3 cents.
The Australian Financial Review reported this morning that BBI was looking to raise about $650m and revert to its former name, Prime Infrastructure.
However, the AFR's sister publications, the Sydney Morning Herald and The Age, reported that as much as $2.5bn in new shares were expected to be issued.
| Tweet |
