Ann: Chief Financial Officer Resignation, page-24

I don't think there is any risk of bankruptcy currently. If there were clear and obvious signs that the refinancing wasn't going to be completed, it would mean a debt default is likely and the board would have a duty to inform the financiers and place the company in administration. If there were any chance of this happening, we would know about it already.

As I said earlier, the CFO has a 6 month notice period. By the time he leaves AMA, the refinancing would be completed under his watch and this should absolutely go on his resume (assuming it is successful).

This repeated talk of taking AMA's biggest customer to court because previous management signed a terrible deal is just laughable. If anything would cause AMA to fail, it would be this (and quickly).

Finally, with respect to equityraising, you would be surprised at how easy it is to find support for raising equity in Australia. All you need to do is provide a big enough discount to sophisticated investors via a placement and you're away laughing. The problem is that existing shareholders might look to turf the board for repeatedly diluting existing shareholders (eg. via a placement). Raising equity is also very expensive.

For the record, I don't think another equity raising is likely unless it relates to investment/expansion rather than working capital. The time to raise equity was probably 12 months before they did when the share price was much higher and it was probably already clear they were going to have a future cash problem. The inaction of the previous CEO and Board are to blame here. Mat Cooper and the new Board have inherited a proverbial sandwich and now have to do the best with what they've got.