The fact that they are still aiming for a DOCA means there is some hope.
You should note that a DOCA is not always great for shareholders they can still end up with nothing.
The DOCA is just a means of allowing them to continue to trade until sold or debts cleared.
Quintana basically have dibs on the asset, so its theirs if they want it.
They need to approve the DOCA first as it would involve mining their security over their debt.
Quintana aren't miners, they are investors, they just want their gold and metals as per their deal.
If they can see a DOCA delivering this they may green light it. So this negotiating may take a bit.
Secondly they need to get majority (by number and value) the unsecured creditors to give it the green light. Basically show them they will get more money via DOCA than liquidation. Shouldn't be too hard as Quintana has dibs. Creditors will get zip at the moment.
Thirdly, you have to get suppliers to agree to supply materials and services. Once bitten twice shy.
The saving grace is that any debts incurred under a DOCA are guaranteed by the administrator. So any post VA debt is secured by the administrator.
Other than DOCA's being complicated, I am thinking the hitch here is negotiation with Quintana. The fact that it is still ongoing indicates they are considering it.
KBL Price at posting:
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