Here is the original article I read in March - The timing of...

Here is the original article I read in March - The timing of Merrick leaving makes me think that perhaps he, and the existing S&G leadership team could craft an MBO out of the ashes. AC would need to take a haircut but not a complete write-off. A 30% (and this is just speculation) write down would save face for AC and put S&G in a better position to recover. If they can manage it they could even de-list and sort out the remainder of the turnaround in private. The banks would support it as it was their debt that was converted to equity in the first place.

https://www.copyright link/street-talk/new-york-s-anchorage-capital-to-farewell-australian-distressed-debt-20210311-p579q4

As I was reminded above by the Yahoo guy, this is not advice, this is just my opinion.