Hi BM...you raise an interesting question..the banks are...

Hi BM...you raise an interesting question..the banks are probably not worse off, there is a surplus of assets over liabilities as at June 30. It is Cupric that would be worse off.
DML/CP was possibly about to stop Cupric picking up the plant cheaply. Barclays fund Cupric, Standard Chartered DML - both UK based. Hypothetically, some discussions may have occurred amongst the resource managers. Cupric want that plant on the cheap.

One of the covenants requires DML to have $3m in the bank at the end of the month. Yesterday was the last (working) day. If it wasn't there the directors had no option. There is a positive in that the directors moved quickly to VA. Voluntary Administration is not liquidation, at least not immediately. Its akin to chapter 13 in the US, protection from creditors and time out to assess the situation. The initiative has gone DML's way.
And the directors cannot trade while insolvent, they were entitled to protect their positions in that regard. The banks would have appointed a liquidator. The banks lost that initiative.
It will be interesting to see if the banks apply to the courts for an immediate wind up.
Its how I see it, I don't pretend its education though.
Rgds