Six months ago at its full-year profit briefing there was plenty of confidence from Babcock & Brown - in hindsight you'd call it bombast - over its management of credit facilities for the head company and satellites.Back then, at a briefing in late February the (now former) chief executive, Phil Green, emphasised how since the beginning of 2008 the group obtained credit approved debt facilities in excess of  $12 billion in relation to syndications, refinancings and new debt facilities across B&B and its managed funds.According to Green, then, unutilised capacity combined with contracted asset sales, further asset recycling, "prudent reinvestment" and an already approved increase in B&B's corporate facility would generate cash and available reserves of approximately $1.5 billion by the middle of 2008.The company was even optimistic, then, about the interest margins it expected to pay, given the attainment of an investment grade rating the year before.It turned pear-shaped in the following six months, with the collapse in investor confidence in B&B, its model, and its satellite funds largely centred on the shaky renegotiation of bank debt for B&B Power back in May.The hammering in B&B shares (down to $2.60 from more than $30 nine months ago) forced a review of strategy, and an acceleration of asset sales in the declining market for property and infrastructure assets.B&B yesterday reported a net profit of $175 million, less than half that for the second half of calendar 2007, about a quarter less than the two prior halves but still more than its half-year earnings during its post-listing period in 2004 and 2005.On the other hand, B&B's ROE has halved to about 13 per cent, annualised.And, while having taken impairment charges of $441 million over the half, B&B's critics contend the write-downs deserve to be double that in order to be consistent with the stock market's pricing of the firm's stake in its listed funds.A strategic review has tipped former CEO Phil Green and former executive chair Jim Babcock out of executive roles but they remain on the board. Former CFO Michael Larkin is now CEO, Elizabeth Nosworthy is now chair, while former Westpac CFO Pat Handley joins the board.Assuming B&B's banks accommodate the firm's revised plans (and those of its satellites, many of whom are, like their management company, selling assets and reducing leverage) B&B will now aim for a return on equity in the range of between 15 per cent and 20 per cent, half the prior target profit range.