MELBOURNE, Oct 28 (Reuters) - Australia's Babcock & Brown Power Ltd now expects to hold a vote on its debt overhaul in early 2010, after missing an end-October timeframe for winning lender approval for the plan.
It had first expected to secure approval by the end of September then extended the timeline to the end of this month.
Two factors are delaying the debt restructuring: an arbitration related to a North West Shelf gas supply contract to BBP's Alinta arm and changes over the past month in the line-up of banks in its lending group.
It said on Wednesday it remained confident the restructuring would go ahead, but there was still a risk surrounding the valuation of the Alinta business.
(Reporting by Sonali Paul; Editing by Jonathan Standing)
((sonali.paul@thomsonreuters.com; +61 3 9286 1419; Reuters Messaging: sonali.paul.reuters.com@reuters.net)) Keywords: BBPOWER/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
It had first expected to secure approval by the end of September then extended the timeline to the end of this month.
Two factors are delaying the debt restructuring: an arbitration related to a North West Shelf gas supply contract to BBP's Alinta arm and changes over the past month in the line-up of banks in its lending group.
It said on Wednesday it remained confident the restructuring would go ahead, but there was still a risk surrounding the valuation of the Alinta business.
(Reporting by Sonali Paul; Editing by Jonathan Standing)
((sonali.paul@thomsonreuters.com; +61 3 9286 1419; Reuters Messaging: sonali.paul.reuters.com@reuters.net)) Keywords: BBPOWER/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.