restructure, page-15

today's SMH talks about 200m at 25c or company going bust

"Should Photon's restructuring plan be acceptable to investors, a capital-raising of $200 million will be undertaken, likely to be priced about 25? a share - a far cry from the last traded price of $1.02 . The recapitalisation, however, remains touch-and-go."

http://www.smh.com.au/business/photon-faces-earnings-downgrade-20100627-zbzp.html