Babcock & Brown Ltd has reached agreement with its bankers on re-structuring its corporate debt.
The debt-laden investment company says a revised business plan has also been agreed.
Under the agreement, a $A150 million short-term facility and two other existing $A2.8 billion and $US200 million corporate facilities will continue. However, details of the deals and repayment dates are changed.
Company assets will be sold over two to three years to reduce debt.
Babcock & Brown has corporate debts $A2.8 billion and $A6.4 billion in limited recourse debt, as well as a $A150 million loan which was secured on 5 December 5.
