The "large-scale recap" may well include the costs of a...

The "large-scale recap" may well include the costs of a coal-power plant. This would be a win for shareholders. Massive dilution may not eventuate & there is a strong possibility that funds will be raised at a significant premium to current SP.

With fresh capital it is very likely that the banks will restucture the debt over the longer term (as they were prepared to do under the previous Blumont proposal)

The "external parties" know at least from the previous (blumont) experience that the lenders are co-operative.