Ann: Announcement of Entitlement Offer, page-19

You could be right. The only issue is that anyone trying to buy it for a song would have to deal with Aurizon as they're the monopoly logistics provider. Aurizon will not allow for the debt to be written off in its entirety.
I think a likely scenario is that that guy from Brissy who bought about $2mln shares at 5.7c last raising may get a controlling stake this time at 1.2c and potentially even less, depending how they play it