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In early trade on the stock market, shares in Babcock & Brown surged as much as 128%, or 32 cents, to 57 cents. Its shares had been suspended since November 20 and before resuming trade today had lost 99% of their value this year.
BusinessDay reported today that, as part of the agreement, the banks will gain more control over Babcock & Brown 's shrinking operations, including its plans to cut 850 jobs, and spin off non-core businesses.
Since the financial crisis hit, debt costs have skyrocketed while asset values on infrastucture and property have slumped. |