The business model is sound at current prices. They don't need...

The business model is sound at current prices. They don't need to do anything differently.

But they made the decision to not make interest payments to the bank, thereby defaulting (I think they were already in default so thought may as well go down swinging)....

If banks want all their money to be paid back, Snde has no way of doing it without selling the entire business.

Their only hope is for an equity injection (That topic has already been discussed at length on here).

The question is how likely is that equity recapitalisation. It would come at dilution, and whilst the overall result would probably be positive relative to current share price, what is the chance of this happening.

With the downside all the way to 0 , I'll revisit only after news of a way out of ch11