Ann: Extension of Voluntary Suspension, page-85

I think you might have that back to front. If the put holder believed the trees were worth more than the value of the put option, they'd have let the put option expire and held on to the trees.

Instead, QIN negotiated a 15%pa increase in the strike price of the option in return for delaying the expiry, and the only logical reason for that would be because the put holder wanted to exercise the option.

15% pa is distressed debt territory.