Babcock & Brown in voluntary administration
Babcock & Brown (B&B) has placed itself in voluntary administration following a decision by its board of directors that the company is likely to become insolvent.
Its decision to appoint Deloitte Corporate Reorganisation Group Partners was taken after New Zealand investors (subordinated note holders) in B&B voted down a proposed debt restructure of the company.
The restructure required the consent of both the 4,500 note holders in New Zealand and the 3,500 note holders in Australia.
A Deloitte media release said the role of the partners David Lombe and Simon Cathro as B&B administrators would be to “investigate the company’s affairs".
“Our aim will be to seek advice from note holders and creditors about any matters that need to be investigated and reviewed,” Lombe said.
“We will undertake to investigate the company and all its affairs thoroughly, and will provide our findings to creditors in our Section 439A Report,” he said.
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