Babcock & Brown collapsed into bankruptcy Friday, ending the public life of the Australian infrastructure investment group that went on a spree of acquisitions of toll roads, ports, property and power generators around the globe.

The death blow for a company that was once one of Australia’s biggest came as New Zealand owners of subordinated debt voted down a restructuring plan that would have seen note-holders receive just A$18,000 (US$11,800) for a debt instrument with a face value of A$180m.