IO up, steel price up, ARI come out of VA possible?, page-4

Agree but I think liquidation is a much smaller chance than 50:50 though.
DOCA will be most likely scenario. What the administrators put into the broth will be done to appease the banks and workers.Resolutions need the majority of money (banks) and the majority of creditors (workers via unions) to pass.

Banks probably willing to write off a portion of the unsecured (eg ANZ have provided a reserve for it anyway) and replace with a secured position.Workers want continuing employment.
Liquidation almost certainly reduces the recovered amount to an undefined amount with no prospect of future lending and makes a few thousand workers unemployed (governments don;t want that either).