The first major domino has fallen - China. I do wonder when it...

The first major domino has fallen - China. I do wonder when it became clear that the deal was going to default - I can't imagine it was in December. No disclosure in the capital raising documents - I wonder if ASIC should take a closer look at this?

The next domino to fall will be the debt on the Ballarat site. This needs to be either re-paid, re-termed, re-financed, or defaulted. They have insufficient cash to pay-out the debt, so a re-term or re-finance are the only go-forward possibilities, if they are to retain it. I suspect it will be simpler to default and allow the property to fall into the debt-holder's hands. That will clean-out the balance-sheet and reduce interest expense.

The third domino, and likely final nail in the proverbial coffin, will be a failure to sell all of the CUB-made beer, and/or generate sufficient cash to purchase more product given the scale of expenses which will consume any margin made on sales.

The life-boats departed a long time ago.