Directors are likely to appoint administrators when they consider that the company cannot pay its debts as and when they fall due. The banks may also appoint receivers. At this stage the company has sufficient cash for day to day operations, but there is the upcoming loan repayment.
In my view therefore, the issue is whether the banks will provide another extension to the company, which will give some breathing room to get another capital raising of some kind done. The banks will be focussed on the chances of a transaction of some kind occurring, which is the only way they will receive more than they will from an external administration. If there is no chance of a transaction, delaying only further depletes assets while the company is burning cash.
That being said, a cross border external administration is difficult and would likely lead to minimal payments to creditors. This might make the banks hold off on appointing a receiver (but may not affect the decison of the directors, who tend to appoint administrators early to avoid insolvent trading liability).
Unfortunately, I don't think there is a certain answer at this point.
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