administration?!

Just speculating BUT what if the directors appointed an impartial (emphasis on the impartial bit) 3rd party, i.e under a voluntary Admin....

I don't see that as necessarily being a bad thing. For one we would have a fresh set of eyes looking at the debt issues and they would not have a 'personal' vested interest in the outcome.

I do see this as a potentially bad thing for TPG though as what would they do if the admin says 'hey look over here lets refinance the debt and do a cap raising' or something akin to debt holders getting frozen.