Bottomfeederyou miss the point. Generally yes the debt controls...

Bottomfeeder

you miss the point. Generally yes the debt controls the debt ridden business, but in this instance they don't have total control. For any type of administration will see the Power Purchasing agreement voided. It also means if Redbank put themselves in to administration. The asset the power station is much much less of an asset without the Power Purchasing agreement. So even if the bank were to sell the debt the new debt holder would be tied to Redbank just as much as the old lender. The bank cannot pull the trigger with out absolutely destroying the chances of getting back there money as the power purchasing agreement would be gone. So us and the bank are kinda in a marriage of desperation. Neither has total control.

As for my comment about Energy Australia buying Redbank. If they did it wouldn't be to run the power station it would be to tear up the contract that runs for another 20 years. If they made a successful takeover bid for Redbank they could effectively close it down , or play real hard ball with the bank and better there position that way