I don't actually think there is an operational solution at this...

I don't actually think there is an operational solution at this point @boysy1 . IMO the big three of MEL and VEN, Glennon, Pure and Regal are scouring the ashes of MEL/VEN for a solution. Glennon are in a difficult position the both MEL's debt provider and biggest SH. Meanwhile Pure must be getting antsy about VEN and Regal would be counselling them to stay the course.

Metgasco took their chance which was O-2 and it wasn't the result they (or we) needed. The most logical solutions is for MEL/VEN to merge/takeover and cut the management costs across both entities.

Glennon continued to support MEL after KBC defaulted and took up a big chunk of the most recent placement. They now have $2m debt and around $3.3m cost base in equity. The equity cost base is both a deterrent to defaulting their loan and an incentive to keep MEL alive for now. Glennons best position may be to keep dripfeeding MEL for now while waiting to see what happens to VEN.