debt repayment

Can anyone share there thought on today announcement by AXQ.

AXQ has got a extendion to 14-10-08 and agree to 215 basis point increase in interest repayment and is subject to Standard and Poor refirming its cureent rating due to the increase interest rate.

Just wondering if Standard and Poor down grade there rating in two todays AXQ will breach there loan condition will that result in administration?

Also after 14-10-08 and AXQ still has not repayed the $223.1M they will have to pay the market interest rate or go in to voluntary administration.

I think its still a big risk at 5 cents per share.