Impending admin?, page-6

They have to file their defence and crossclaims (if any, against any one or more of Ernst & Young, their auditors, ABL, their lawyers, MacFarlanes, their UK lawyers, Citigroup and Greenhills, their tax advisers) by 26/5/17. That's the revised "D'Day" for them.

From 27/5/17 forward, the bulk of their existing SFA balances switch form being non-current (>12 months) to current (<12 months). Operationally, this might not cause them any grief, but strategically, professionally and /or personally, it will certainly ratchet up the heat (particularly on the board).

Equally, at the time of their H17 report, the Company had also advised the following:
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"Under the SFA, a majority of lenders by value must agree to a satisfactory recapitalisation plan by 26 May 2017. Negotiations between the Group and lenders are ongoing and the Group has reasonable grounds to believe that these will be satisfactorily concluded. Should this not occur, the borrowings under the SFA may become due and payable within a further 14 days of this date. "

Presently, the SFA remains in place. It has not been replaced. No alternative facility has been established. The SFA therefore is presently ongoing and performing according to its terms. Under those terms, the next key date is and remains 26/5/17. So either they have to announce some changes by then, advise of waivers having been reached (for example, to extend time etc) or announce "a satisfactory recapitalisation plan".

Absent this occurring, it is entirely possible that the 14 day countdown might yet get triggered.

Regardless, these risks will remain ever clear, present and in the immediate minds of many until such time as either a recapitalisation has been advised or the existing SFA is nullified in its effect. Equally, if the recent amendments of 31/3/17 relate in any way to the 26th having been swept away in the process, then this in itself should be the subject of a relevant announcement or update to the market (if so, then should have been some time back). This is especially so, as nothing to date has otherwise been stated or said which contradicts the importance of the 26th as a significant date in the financial affairs of the Company. This is all the more so important considering the most recent ASX released advice of the 5th:
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"Discussions regarding the Company’s recapitalisation continue and the market will be updated in due course. "

As such, the 26th looms as an important date on several different fronts as does the 27th from a current liability perspective.