Seems to me a bunch of debt was taken on to acquire Meerenie on the assumption gas would get developed via the northern gas pipeline which is now looking doubtful. The company is cash flow negative and finds itself in a pickle with the debt.
Macquarie want their money back and the only way to get it is to buy the company.
The failure here is a result of borrowing for Meerenie while the northern gas pipeline hasn't happened (not viable?) and the anticipated cash flow from Meerenie hasn't materialised.
The only winner out of this is STO who sold half of Meerenie
CTP Price at posting:
17.5¢ Sentiment: Sell Disclosure: Not Held
