Ann: Request for Extension to Voluntary Suspension, page-80

They are critically short on funds. Survival depends on them realising enough cash from inventory to cover operational costs, finance costs AND have enough left over to replenish inventory.

BUD spent over $15m in Q3 because they had to replenish stock. They had less than $2.5m in cash and less than $15m in inventory (assuming maximum sales proceeds, which won’t happen as they are talking about discounting). They don’t have enough inventory to remain solvent without ongoing production.

If production doesn’t recommence within the next few weeks, then it’s lights out.