Babcock and Brown wins reprieve from bankers, who advance A$150 million

Babcock and Brown signed an agreement with its 25-strong banking syndicate that gives the struggling asset manager and investment bank a reprieve and an extra A$150 million to buy time to sell assets and pay back over A$3.1 billion in debt, Australian media reported. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.