Convertible Notes reset price Dec 2015, page-6

Yes it is interesting watching this unfold, it will make a great Business Case for Harvard students in the future as it has just about everything on how not to run a company but also maybe how to recover a company from the dead.

If they do let the US operation go bust so they can walk away from the secured note that would be an option but what would they then have left.

I guess they could still try and develop UCG somewhere but their track record is not great with completing UCG deals.
At some point they need something that generates surplus cash and its hard to see where that will come from.