I think you are trying to compare apples and oranges. The $221m...

I think you are trying to compare apples and oranges.

The $221m is the value of the 66m shares issued at $3.35. It was just a nominal figure for the transfer. Nothing to do with the loan amounts written off.

The loans were set out in the recapitalisation document. I think it was ~A$770m.
According to the announcement on 22 December "Market Update: Implementation of Senior Lender Scheme of Arrangement and changes to the board", a reduction of $636.6m was implemented.