I doubt very much the Tasmanian government will pay the full...

I doubt very much the Tasmanian government will pay the full amount owed to Hartree (or lend Mallee the money to repay this debt)

And even if they had the money to do so, the optics (and potential political fallout) would be terrible after shareholders recently refused the financing deal.

Probably the best thing they could do is broker a deal with Hartree to refinance the debt, and maybe give / lend Mallee a few mill to keep it solvent in the meantime.