Ann: Strategic Investor, Equity Placement & JV Partner for Caula, page-12

Yes, I agree, so deal could be delayed or subject to changes.
The interesting thing there of course is the timing. If ASX are delayed in making the chapter 11 ruling or rule it is a disposal under chapter 11 then that will create uncertainty and settlement delays.
If Arena are able to get a ruling on their claim in the meantime the Company would then be in a position of uncertainty about raising funds to meet those obligations which would further muddy the waters in regard to insolvency. VA may then be a necessary step until it can be sorted out.
A lot may depend on Mr Ching's attitude and position on how he will provide funds.........
Actually, I am surprised ASX are letting this trade until they have made a determination on the Chapter 11 aspect.
(All just a suggestion of something that could happen.......)