Anyone else see the writing on the wall in that article? He...

Anyone else see the writing on the wall in that article?   He pretty much says shareholders are second place as the focus in on paying the debt now.

This indicates to me that the business has moved into the final phase of it's life: This is the phase where all equity ownership value is destroyed via shorting, share issues and eventual recapitalization or administration while all interim cash-flow, and likely ultimately even the assets go to 'paying back' the banks. This could take years to unfold but it looks like shareholders are stuffed here unless they bought in at lower prices for ST gain.  Another Australian company going to the wall.

Maybe they should do what Caltex did and dismantle all steel mill infrastructure and Fe exports and instead merely import Steel from Asia and flip it onto the market for a margin. Who cares about the balance of trade? It worked wonders for the CTX share price, and clearly nobody in government, unions or the green movements want any profitable smoke-stack industries in Australia anyway so why fight the red-tide?

I always wonder if outcomes like these were deliberately engineered by the banks or persons beholden to the banks or whether it is just incompetence or lack of foresight to over-gear in a bubble sector ?