The $5.5m is owed to the Indonesian 25% shareholder of the GMC...

The $5.5m is owed to the Indonesian 25% shareholder of the GMC Indo subsidiary. That subsidiary holds the in-country project including the 60% complete 2 smelters. The lender holds security over those 2 smelters, hence there's no recourse to GMC and a VA doesn't follow even if the security was called.

Re Glacier etc: I've explained all that across several threads ad nauseum, some of the speculation above is extremely naive and even fanciful, it demonstrates a total lack of understanding as to how monetisation works.