Babcock & Brown reportedly looking to sell half its assets, cut half its staff

AltAssets previously reported that the firm recently sold a portfolio of jointly owned wind farms in Portugal for approximately €1.15bn.

Now the firm reportedly plans to sell off around half of its asset base to prevent slipping into bankruptcy. The company's total debt burden is believed to be somewhere between AUS$3bn and AUS$9bn.

Following the restructuring, Babcock & Brown will focus on infrastructure asset management. The firm is apparently selling all non-core assets, including its real estate and leasing businesses.

Babcock & Brown is planning to cut its staff by as much as 60 per cent in a move to reduce cost.

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