Chinese player swoops in on embattled WA lithium miner, page-4

This is the issue I was concerned about. The VA only has to care about creditors. They are looking at the restructure by selling the company. CHEL will come in with money to pay off debt etc, then do a debt-for-equity swap and enforce Section 444GA and equity held by shareholders be transferred to CHEL. They get the whole company, no shareholders to worry about and clean sheet.

Perhaps getting a scrip offer from GXY would be better. Well if it a takeover with Section 444GA being applied then GXY and Jiangte not be happy as they basically find their equity investment gone.