What now?, page-3

I think this is correct, but I am willing to stand corrected of course.

In one of those capital raisings back in 2014 or 2015, I am sure there was a statement from the then-COK MD Lawson that the only value COK saw in the Baralaba investment was the loans extended by COK to fund BAR and WON. Regrets - I can't readily find it, but it implied profits above and beyond recouping the loans extended would be non-existent, and recovering the outstanding loans was the best case, doubtless due to the coal market price collapse. Not good.

If in all the debt restructuring via the Deed, BAR and WON have eliminated all their debts to remain solvent, then that logically should include the huge amounts loaned by COK ? All will be revealed if/when an annual report appears, but I am assuming at this stage all the shareholders' equity in COK has been obliterated.

And it looks like it is Liberty doubling down by contributing some capital to keep from writing off the whole show, and only JFE Steel coming to the party. Not surprisingly, the troubled Noble looks like they aren't anteing any more to stay in the game, and Harum have had enough too.

Not sure there is enough money in the tin to even clean up all We Wee Minor shareholders, AND at the same time they are trying to prove they are creditworthy to major suppliers like rail, port, fuel, power, road haul, state and local govt etc etc to get back in to production. That is going to be a big series of discussions with burned and sceptical counterparties.