Babcock and Brown - more than half workforce to go
Babcock and Brown, the Australian investment company, has put up for sale a wide range of assets - and said it will cut its workforce by 63%
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The company fears it may breach its banking covenants and as figures point towards the Australian economy drifting towards recession, the company is fighting for survival. According to Bloomberg, it is the worse performing company in the Aussie market, losing 99% of its value so far this year.
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