Unfortunately, I'd say your analysis of the funding arrangements...

Unfortunately, I'd say your analysis of the funding arrangements is right on. Sadly it's a well-worn playbook I've seen used a number of times before - creditors have no choice but to agree to the extension, because without it they'll get nothing. They (like us) can only hope CDX gets their act together and manages to generate some revenue before going belly-up.

With that said, as holders, it's 'good news' in that the company will likely trade on the ASX again. That may well be prolonging the inevitable, but it may also be the chance holders have to minimise their losses (by taking one).

Is there a chance CDX will trade long enough for things to come good and turn into the company we believe/d they could be? Yep, there's a chance, but not a good one.