BABCOCK & Brown Infrastructure has struck an interim agreement with a potential cornerstone investor that could lead to a reduction in its crippling $10 billion debt load.

BBI, whose parent is being liquidated, came out of a trading halt yesterday after it released an update on its attempted refinancing and recapitalisation.

The Babcock satellite said the introduction of an unnamed, well-capitalised investor would help achieve a restructure, including asset sales, ahead of $2.7bn in debt maturing in 2010 and 2011.

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Posted by rjorr at September 5, 2009 10:12 PM