A good management team would have fixed this - their bankers...

A good management team would have fixed this - their bankers have lost confidence in the company and its outlook.

They now need to find $81m by November/December and that is not going to be easy after reading their annual accounts. Very surprised to read the upbeat CEO report, before turning to the financial accounts and seeing red ink everywhere.

CEO has track record. COO of Macarthur when it was widely regarded as one of the worst run coal companies, CEO of Guildford last year (that is now also on its knees) and now COK. This may not play out well.