A40 Administrator update, page-14

It seems thar their proposal is conditional on GXY being paid out before the creditor vote and hence GXY unable to block the CHEL proposal.
If KordaMentha don't comply with the CHEL condition the only proposal option will be from GXY.
No matter how you feel about who should end up with Alita's assets, CHEL appear on face value to be the worst long-term option for Bald Hill operations.
They are shady, have had no business operations or experience in the mining industry. They are just a bunch of Cayman registered banking vultures.
That being said their proposal may have the highest return to unsecured creditors but this last minute legal maneuver to remove GXY from the creditor vote by getting the VA to take on a loan (however short term) to payout the secured debt is highly questionable. It is even more complicated given the asset's and operations are in the hands of the receivers and managers not the VA. So VA taking out a loan at this late stage is dubious.