Yes they have exercised their right to appoint there own...

Yes they have exercised their right to appoint there own administrator to manage the assets they have a lien over but the assets on their own in this market will be worth nothing. Who will buy Springsure project which comes with a huge WICET liability attached....no one. So CS needs WICET to restructure agreement and BND will need a capital injection to move the project forward ( continue land holder compensation and mining lease approval) as a going concern for CS to have a chance of recovering their $50m.
depending on what hypothetical cash injection and what leverage BND can use with their cash, it is possible that equity holders might end up with a considerably diluted stake but hey , I'll take 20% of something rather than 100% of nothing.of course if coal stays at $65 o tonne between now and second creditors meeting in 12mnths then it really will be game over, but until a number of avenues are exhausted there is still a chance of a better outcome than what we currently have.