@2ic Considering the above - It seems like its in the best...

@2ic Considering the above - It seems like its in the best interest of lenders to accommodate any waivers/refinancing proposal and roll the dice one last time- Knowing banks though they are likely to ask for an equity commitment as a buffer against further technical issues, unless the revised financial modelling shows plenty of headroom in all scenarios (I am no expert in Mineral sands but given a history of fck ups here - that sounds like a stretch to me)

My simple and uneducated mathematics

Current equity Market Cap - $120m
Net Debt - $230m
EV = $350m
Not sure the future cash flows will have a NPV to cover $350m unless STA can nail most of its technical issues and market strengthens in short term to keep them above water!

More than likely though strandline has to settle for a revised operating plan - may be resolve the tailings issue, fix some other low hanging issues and sell inter-mediate products just enough to service the debt and monetize Tanzanian assets

They might attract interest from an opportunistic player at a heavy discount if they need to raise bit of capital to get the lenders across the line. Fingers crossed there is a Debt only solution - even though that looks unlikely.