We know that Anchorage has announced they are exiting the...

We know that Anchorage has announced they are exiting the Australian market. They are going to need to do something with S&G and it isn't really worth anything at the moment so that will limit their options.

My best guess would be that there will be some form of MBO so that the local team running the S&G (and a couple of other smaller things that Anchorage have under their management in Australia) can continue with their plan to turn it around.

Either that or they palm it off to another distressed asset specialist in a fire sale. The side effect of this is that S&G is likely to be saddled with more debt at some point in the near future not less.