Babcock & Brown Power Inks $405M Debt Deal

Law360, New York (December 7, 2009, 6:33 PM EST) -- Australia-based Babcock & Brown Power has agreed to pay AU$444 million ($405.4 million) to settle the outstanding amount of the debts and fees of its parent, a unit of failed investment bank Babcock & Brown Ltd.

The power generation and energy retail business also said Monday that it was terminating its management and advisory agreements with parent company Babcock & Brown International Group.

Specifically, the agreement calls for a cash payment to Babcock & Brown International Group of between $33 million and $37.7 million and the...
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