Babcock creditors form committee(2)

The creditors of the Babcock & Brown holding company which went into administration two weeks ago have formed a committee to assist the administrators.

A12-strong committee will work with the administrators, Deloitte partners David Lombe and Simon Cathro, to decide on a course of action for the beleaguered company.

“We have been in discussion with the note holders and are very aware of the pain that has occurred and the role we need to fulfil. We will do all we can to achieve a better outcome for those note holders,” Lombe said in a statement.

Deloitte has revealed that it is likely to seek an extension to the standard 20 business day convening period before the next creditors meeting, although this will require court approval. The proposal to extend the convening period to up to four months has received no objections from the creditors, Deloitte said.