Ann: Maiden Resource to underpin Nullagine Restart, page-179

@Dazedandconfused - alternatively, MAQ put CAI into receivership as a pathway to protect its security in the event MAH proceeded with legal action for unpaid debts.

There is definitely more to the story as CAI has not defaulted on loan repayments, as no repayments were due this quarter. It's likely they would have been in breach of their loan covenant if they fulfilled their debt payment to MAH and therefore triggered a technical default.

MAQ (secured creditor), MAH (unsecured creditor) and directors will likely be a having a meeting today to discuss a path forward.

We could see a heavily discounted equity raising to satisfy MAH's debt or debt-to-equity swap, and refinancing of MAQ's debt on unfavourable terms with another lender. Neither of these options are ideal, but it still means shareholders can still retain some value.

Sale of assets is the worst case scenario for shareholders.