With only $24million left as equity after all the losses I think...

With only $24million left as equity after all the losses I think its now clear they had to convert the hybrid to still have some equity left otherwise if hybrid is debt its looks like trading under insolvent circumstances. The test for solvency is much higher however so the next question is just that can this company survive or is it just slowly grinding to the ultimate administration. IMO its doing just that - I am not sure it has enough parts left to make a profit and as such it will just drift along whilst the banks think management liquidation is cheaper than calling KR in.

I would not do business with Gunns on anything but COD actually probably EFT only in my bank - I deliver.

Really sad.