Sharechat Logo

Babcock & Brown seeks longer suspension

Monday 1st December 2008

Text too small?
Babcock & Brown, the Australian investment group trying to avoid being wound up by its banks, sought an extension to the suspension of its shares to allow more time to negotiate a short-term loan.

The company is seeking funds to replace a deposit that has been seized by one of its lenders. Babcock is negotiating with a syndicate of 25 banks and hopes to make a statement by Wednesday, it said in a statement.

The company modeled itself on Macquarie Group, buying assets, pooling them into funds and charging a management fee. It has some A$3.1 billion of loans that it is selling assets to repay and has cut about 66% of its workers.

Babcock's stock have shed 90% of its value this year and last traded at 25 Australian cents on November 19 before being suspended.

Wachovia Corp. this month said it may seize collateral on a $112 million loan.

By Jonathan Underhill



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report