I'd say it's much more likely that after paying the interest and...

I'd say it's much more likely that after paying the interest and quarterly bond entitlement payments to Investec, they couldn't meet payments to MCR after Bronzewing costs as well.

I doubt that will even entitle them to current payments from CH as alluded to above. You would assume MCR would have made sure to put in fine print that a part of the revenue would be contingent upon both parties meeting relevant payments. One thing I have learnt over time is that MCR are damn smart, and are very tight with their contracts.

Even without MCR, VRE was going to go under anyway. Without the grade, they couldn't get cash flow positive and were stuffed.