If Karara bankrupts, can Ansteel take control?

If Karara bankrupts, are the creditors going to take ownership of Karara and auction its assets? Is there anyway Ansteel can completely takeover Karara in such a situation?

This is important to GBG holders. From my understanding, Ansteel is very committed to control Karara. If Ansteel can let Karara bankrupt and then still takeover its assets then it is a huge risk to GBG since GBG will bankrupt as well. Otherwise, Ansteel is stuck with the current ownership structure (35% of GBG and 52% of Karara) and must keep bailing out Karara until Iron Ore market recovers.