I think the CR or 230mil was a strategy, say if they'd raise 180mil just enough to pay the note holders some one could just sneak in with a 200mil proposal.
the buffer is there I guess so PLS can have more chips on the table so other interested party would have to raise and be prepared to pay higher than 230mil to be in the game to take over which would not be too desirable in these low spod prices environment.
I gues KB and team had done an analysis that if someone not in the region were to pay more than 230mil (plus 80mil cash in hand PLS) has to buy the plant and had to come over to set up a management team to manage it wouldn't be too attractive a deal anymore.
PLS being AJM neighbour to take over would be most ideal where operational/management cost will be more competitive.
(20min delay)