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I think it will turn out similar to recent RETAIL FOOD GROUP, where:

1. There will be a huge share dilution. These new shares will be taken up by new various players, e.g. hedge fund or even QLD government. The size of this new cash injection has to satisfy the lenders.
2. The lenders will take away the above cash, and at the same time write off some of the debts. Thus, debts will go down to a manageable level.
3. The company goes back to operational.