I agree, if I was Gelba (or anybody else who might be prepared to put more money into this godforsaken business) I'd be looking to put the business into VA and do a pre-arranged DOCA where in return for contributing $x in new funds, there is a restructuring with the senior debt, the unsecured creditors get wiped (except for key suppliers who will be critical going forward) and most importantly the loss-making sites can be exited without massive lease break costs.
I can't see any other scenario where it would make sense to put good money after bad in this thing.
Oliver's Real Food - posts yet ANOTHER LOSS-MAKING QUARTER, page-314
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