Can EWC recover from current market negative perception?, page-19

If nothing else mont, your prediction of a downside is proving true.
Until EWC make some positive announcement(s) then I expect the trend to continue, hard as it is.
Bankruptcy can only happen if EWC either run out of cash or willing debtors and are unable to meet their obligations. You have not established the danger of that and so you fall into the category of scare mongerer or shorter yourself.
At the Half Year announcement for results to 31/12/18, EWC had a NPAT of $6.36M with gross profit of $48M on revenue of $63.14M. Income tax amounted to $8.5M, not exactly the sign of a company going bust.
I agree that the nebt debt to equity of 86.3% at the 2018 year end is high but the interest payments of $5.61M for the half year to 31/12/18 are nevertheless covered without recourse to additional debt or equity raising while the cash on hand at that time was $4.23M.

I hope this assuages your worst fears of bankruptcy. Apart from this, there is still every likelihood of increased gas revenue from the Queensland operations.