Positive news is that-Bond holders have extended standstill...

Positive news is that
-Bond holders have extended standstill arrangement,
-Provided covenant relief for 12 months and
-Extended further $20m support.
-It can be inferred from this that the operational improvements achieved so far and planned in future will support debt service in future

Negatives being
-Issue of dilutive warrants to bond holders
-They have referenced the qty of warrants to the upcoming equity raise: I.e. there will be an equity raise
-Equity raise will have warrants attached as well - apart from above warrants issued to bond holders

In conclusion:- This is not a bad outcome at all. Existing shareholders will be able to salvage some capital. Investors with a high risk appetite may be able to buy into the raise.