Babcock & Brown shares on Thursday surged from their extremely low base – they have fallen more than 98 per cent in the past 12 months – but the Australian infrastructure investor has a huge job ahead to ensure its survival.

It is remarkable that B&B was able to secure an additional A$150m ($96.8m) in emergency funds - taking total senior debt to A$3.25bn - given its risk profile and the bad debt issues that have besieged many of its 25-member banking syndicate.