Ann: Credit rating change (Moodys), page-7

Unfortunately for QIN they still burn $20m a quarter and have put option exercises coming up. They are generating next to no sales of indian sandalwood, whilst plantation sales must be under pressure after the exposure of QIN's behaviour.

They had $90m of cash at the end of December, so 2023 is irrelevant - they need new infusions of cash to keep the lights on. That's going to have to come from either new debt - which will be incredibly expensive after these revelations - or a massive, discounted rescue rights issue, and good luck finding an underwriter for that now that Canaccord have washed their hands of QIN!

For me, the question is whether QIN survives without raising capital or going broke till July or December 2017, not 2023.