removed, conditional on production of a satisfactory revised business plan. Pending resolution, a trading halt was put in place on 8 January. A statement on 23 January 2009 announced "the Board believes that in the current market environment and based on continuing discussions with the banking syndicate there will be no value for equity holders under the revised business plan and balance sheet restructure of Babcock & Brown International Pty Ltd (the parent company) and negligible or no value for holders of the Company's subordinated notes." The banking syndicate is dominated by Australian and European institutions, with Australia's four major banks holding aggregate exposure estimated at about $800 million. The company went into voluntary administration in March 2009 after unsecured bondholders voted against a debt restructuring plan that would value their claims at 0.1 cents in the dollar. The rejection rendered the Babcock & Brown LP insolvent because it could not meet interest payments. References External links B&B Move On Eircom Possible Takeover Bid for Eircom Banks established in 1977 Banks disestablished in 2009 Banks of Australia Companies based in Sydney Private equity firms of Australia 1977 establishments in Australia 2009 disestablishments in Australia