Reality Check, page-99

Average Joe, while you are correct about it belonging to the bond holders, money is also owed to many local businesses as current liabilities on the balance sheet. These could be paid off while they are still trading so that they don't take lots of smaller WA companies with them, but no they just keep trading and make that pile smaller and smaller.
I wonder how many other small companies they take out with themselves when time is called, because the only way the cash was as high as it was at the end of June, was because current liabilities were allowed to grow to $110m.
Allowing shares for some of those liabilities is not going to help the contractors much, but it is all the smaller ancillary businesses that will still be owed money that could have been paid off instead of subsidising Chinese Smelters that irks me. If they had morals they would have been paying all those debts to reduce CL as much as possible, but they would have ceased trading by now due to lack of working capital if they had done that, so many small businesses will be hit hard very soon.