April 28 - In a trading and asset sell-down update, Babcock & Brown Infrastructure of Sydney says that it expects to have binding bids for all or part of PD Ports by the early autumn, whilst the proposed sale of 29.70f Euroports remains subject to satisfa
BBI said that it still intends to sell down its holding further, but no additional bids are under active consideration.
In regards to PD Ports, BBI said it was discussing proposals with interested parties and looking at ways to optimise the debt capital structure of the company, including a review of options relating to the current securitised debt.
The company reported softening in volumes through its Teesport in northern England, "with limited short-term visibility on selected customer outlooks". EBITDA to the end of March was about 9 0own on the previous year, with the main weakness driven by weaker general cargo and unitised cargo volumes.
For BBI Euroports, volumes to end of March were 7 0own and EBITDA 8 0own on the previous year, driven by weakness across the board since November 2008. Freight transport conditions remain challenging across Europe with many countries within the portfolio being in recession, BBI said.
"Diversity of the regional spread and cargo mix coupled with strenuous cost cutting measures continue to provide downside risk protection until a pick-up in volume occurs, however, as with PD Ports, visibility on any such pick-up remains uncertain," it said.