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Babcock & Brown Limited creditors register and formalise committee


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Contact:  Karina Randall  (media enquiries only)
Corporate Affairs & Communications
Mobile: 0414 823 712
Tel: +61 (0) 2 9322 3778

The Australian and New Zealand creditors of Babcock & Brown Limited (BBL) formally met at a creditors meeting convened by Voluntary Administrators, Deloitte Partners David Lombe and Simon Cathro, and nominated a creditor committee.

A creditor of BBL, the Trust Company Fiduciary Service Limited (the Trustee) also formally lodged a proof of debt at the meeting on behalf of all noteholders. Earlier this week, the Voluntary Administrator received legal advice to confirm that Trust Company Fiduciary Service Limited (formerly known as Permanent Trustee Company Limited) was the primary party required to lodge proof of debt and vote at the meetings on behalf of noteholders.

The creditors of Babcock & Brown Limited discussed the process of voluntary administration, the options available to them, and voted in favour of electing a committee of creditors.

“We have been in discussions with noteholders and are very aware of the pain that has occurred and the role that we need to fulfil,” Mr David Lombe says, “We will do all that we can to achieve a better outcome for these noteholders.”

Mr Lombe stated that the Voluntary Administrators have discussed a range of possible courses of action going forward, but the decision as to which action will be taken will remain subject to further investigations. The Voluntary Administrators look forward to working with noteholders and the committee of creditors.

In addition, during the meeting a committee of creditors was formed to assist the Voluntary Administrators in their investigations. The 12 member committee includes one member from the Trustee and 11 nominated noteholders (including both Australia and New Zealand representatives) that have been authorised by the Trustee to be members.

Mr Lombe and Mr Cathro plan to provide their full findings to creditors at the second creditors meeting, in their Section 439A Report.

Due to the complexity of the investigations, it is likely that the Voluntary Administrators will seek an extension of the standard 20 business day convening period for the second creditors meeting. The extension of time of approximately three to four months will require court approval, and the proposal to do so received no objection from creditors and noteholders during the meeting.

It should be noted that the appointment of the Voluntary Administrator applies to the holding company of Babcock & Brown Limited only. Please contact Kelly Hibbins at Babcock & Brown on + 61 (0) 2 9229 1800 or email Kelly.hibbins@babcockbrown.com for information about other Babcock & Brown entities.

NB: For further general information on the voluntary administration process, please refer to: www.asic.gov.au/insolvencyinfosheets

NB: Please refer to www.babcockbrown.com for a copy of the Babcock & Brown ASX announcement with regard to the appointment of Voluntary Administrators, as well as all other documentation associated with 13 March 2009 noteholder meetings including the “Notice of meeting of noteholders, explanatory memorandum and offer document.”

NB: See Deloitte’s Babcock & Brown Limited media releases: http://www.deloitte.com/dtt/section_node/0,1042,sid%253D219630,00.html.

For further information:
Colin Drew
Director
Deloitte
Tel: + 61 (0) 2 9322 5468

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