GXY forces A40 into administration, page-22

Here's the key line from the Korda Mentha release (see A40) regarding what's next:

"We have also commenced discussions with the secured creditor concerning its objectives under a potential restructure or recapitalisation proposal."

Looking like GXY game plan is for a recapitalisation of  A40. Convert debt and outstanding costs into A40 equity. At least the existing shareholders will get something out of the mess. Heavy dilution will result, but (at least) they will have a new substantial shareholder, a new board, new management and a fresh start with an experienced Li operator leading the way.