agm, page-135

Good morning BK. Trading while insolvent is a serious breach of the Corporations Act. Directors have very serious responsibilities to ensure that that is avoided, with serious penalties if breached.
If they have run out of cash, as your numbers imply, they must either be able to have assets which they can use to raise further debt, or to actually realize some of those assets. Could one possibility be that they either j/v Atzam, with some cash involved and being free carried for the rest of the programme and/or selling part of their current equity to a partner? Really shouldn't be hard to sell from what we know.

With their cash situation and having that debt needing repayment, that's why that 670 million is their "temporary" life saver, as that helps them satisfy the insolvency requirements, only, of course, if the lenders will accept those shares in lieu of cash to satisfy the repayments??? What if they don't?? Hope that they are REAL "mates"!!
This mess is like walking through a swamp with the bottom being quicksand. If management can get us out of this and with SH's staying in the game with reasonable equity, it will be one of the magic acts of 2014.