In September Babcock & Brown LP commenced selling some of its non-core businesses and assets and reducing its workforce in order to streamline its operations. On 4 December it was announced that Babcock & Brown LP had been granted a $150 million loan from its 25 bankers and had the covenants on its outstanding debt removed, conditional on production of a satisfactory revised business plan. Pending resolution, a trading halt was put in place on 8 January. A statement on 23 January 2009 announced "the Board believes that in the current market environment and based on continuing discussions with the banking syndicate there will be no value for equity holders under the revised business plan and balance sheet restructure of Babcock & Brown International Pty Ltd (the parent company) and negligible or no value for holders of the Company's subordinated notes." The banking syndicate is dominated by Australian and European institutions, with Australia's four major banks holding aggregate exposure estimated at about $800 million.