Babcock & Brown Infrastructure has hired Royal Bank of Scotland and Dresdner Kleinwort to sell UK ports operator PD Ports
A spokeswoman for the Australian infrastructure fund company said that the joint mandate for the “potential sale” of the operator of six UK ports had been granted, “in reaction to the unsolicited interest” that BBI had received.
BBI has already sold 58% of energy distribution business Powerco New Zealand and 30% of its Euroports portfolio as part of an asset-sale programme to reduce debt. Seehttp://www.worldcargonews.com/htm/w20090103.788205.htm
The company has also shortlisted potential buyers of a stake in a key asset, the Dalrymple Bay Coal Terminal in Queensland State.
Babcock & Brown, the Australian investment bank saddled with more than A$3.1B (£1.5B) of debt, has finally collapsed, becoming the country's biggest casualty of the financial crisis to date.
B&B says the operation of BBI will not be affected by its administration, which is to be managed by Deloitte Touche Tohmatsu.
B&B entered voluntary administration last Friday after a group of New Zealand-based bondholders voted against a restructuring plan. Royal Bank of Scotland is among overseas creditors who have an exposure totalling A$2B.
