Issues with Shine's business and accounting, page-15

Excessive debt level could send a company to bankruptcy, that was why I warn not to touch that company.
The remaining of $100m buffer, for a over $710m borrowing, just indicates it was at verge of breaking debt covenants. If having a look other ASX listed companies, they usually stated the remaining available facilities were 30% - 80% of existing gross debt. For instance, ORG, they had a couple of billions available, but still decided to raise capital. I was not surprise FTI was appointed and forced to debt restructure.
There were three outcomes: 1. Lenders "happy" to amend covenants and continue lending; 2. Capital raising at depressing price; 3. Administration.