Debt financing is not at all viable at the moment as the LVR...

Debt financing is not at all viable at the moment as the LVR would be damn near 100%, equity financing will make current owners look silly. So the only real option is a buyout or going into hibernation and hoping for the best.

Given that we have so many execs burning money, going into hibernation wont last as long as one might hope.

Any near-future cap raisings will be a disaster because they will be forced. The dilution will be horrific.

Unless the spot price jumps, there is a buyout offer, or everything turns around in europe, BMN is not in a good position at all.