Assuming here that he who holds the debt controls the receivership process.
So if Gangeng, ShanShan and the other offtakers are really worried about their supply disappearing then they could buy the debt off the 4 current holders and become the new lenders with a more realistic interest rate for AJM. No FIRB issues as they aren't buying the company only the debt.
They can (?) then put an end to the receivership/admin and hand the company back to the board/execs and return to putting spod on the ships.
Not sure if that is the way it all works but just thinking. Later they could do a debt for equity if the current FIRB situation changes.
Maybe they are not worried about their supply so all this would be a moot point.
Good Luck.
Ann: Appointment of Receivers and Managers, page-363
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