Ann: Axsesstoday Continues Trading Under Voluntary Administration, page-9

It's too early to tell what the situation is. The company is still trading and management is still in place under the administrators. Voluntary administration allows the company to continue running - it gives debt holders increased visibility of what is happening and allows management some breathing space to sell the business or organise new capital - the later seems unlikely. They had $60M in net tangible assets at the last report - this easily covers the accounting loss from increasing provisions. If they wind the company up and let the loan book run down, a lot of this asset will be realised - not all - the shareholders will feel the loss before the simple corporate bonds lose any capital. This cheers up the shorters - you can see they are already celebrating, but no reason for the bondholders to be glum.