The VA process will wash out the unsecured creditors and equity...

The VA process will wash out the unsecured creditors and equity holders (sorry) leaving the asset in the hands of the secured debt holders (of whom there are two). It would then appear likely there will be a recap of the company - but whether it trades again (at least on ASX) is open to question. There were some significant technical challenges associated with the asset in the first place - tailings retreatment (tailings had been retreated already) and the UG mining (geotechnical conditions). Of course, all this is easy in hindsight...