Ann: Trading Update, page-95

Difficult to know. Hopefully trust will out in the second creditors report.

Pulling together monthly balance sheets, P&L and CF statements from Jul-15 to Dec-15 (alongside the audited Jun-15 position) will probably go a long show to showing what happened.

Could only speculate that an earnings or gearing covenant restricted how much of the undrawn $65m of the $135m facility at Jun-15 could actually be drawn down, meaning the only other quick avenue to cash was liquidating inventory.