Complex sentence: In 2002, when Lebanon's Central Bank (BDL) took control of BLC which had been badly managed and was close to bankruptcy, the prospects for a turnaround were widely thought to be grim.
Split into simpler sentences: In 2002, Lebanon's Central Bank (BDL) took control of BLC after bad management pushed the BLC to the edge of bankruptcy. The prospects for a turnaround were widely thought to be grim.