Yes, it was about the balance sheet and ability to show the...

Yes, it was about the balance sheet and ability to show the bankers that they could meet obligations.
PLS had significantly lower net debt along with a track record of not just paying interest, but principal repayments as well. They took the hit of dilution to shore up their balance sheet to put themselves in a position to refinance on good terms and it worked.
Whereas AJM had a track record of consistently being in breach or applying for covenant waivers, requests to capitalize interest payments, and a Fitch Rating of CCC+ which all but precluded them from attracting any deals with commercial banks.
Also CEFC is not a charity with some sort of charter to intervene with favourable loans when companies have got themselves into a pickle by overleveraging themselves and falling into a debt trap.
I am stunned that AJM either weren't advised or did not follow advice to raise equity and get net debt below US$100m.