Brown has earmarked its operating lease and structured finance
business lines for sale, as part of a drastic restructuring
intended to reduce debt levels and restore ruined share
values.
The reconstruction, planned to be complete by mid-2009, will
leave B&B as a core infrastructure investment business, and a
collection of segregated businesses which will operate on the basis
of maintaining value until sale opportunities arise.
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No timetable has yet been set for the sale of the elements of
B&B which will be cut loose from the main structure, although
achievement of the task will see B&B’s asset base halved, and
staffing reduced from the current figure of 1,450 down to
approximately 600. Additionally, B&B have stated its intention
to reduce operating costs by 50 percent as a result of the
shedding.
What will remain at B&B will be, in the words of a press
release issued by the company, “The specialist infrastructure
investment business – incorporating funds, management operations
and stakes in core listed and unlisted infrastructure funds as well
as the group’s PPP, wind, thermal and solar projects development
pipeline.”
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