As I understand the Notes deal the two biggest holders are...

As I understand the Notes deal the two biggest holders are Harmony for the new notes and PNG Ports for the original notes -

The new notes can be converted into shares - which would make Harmony a major holder and PNG Ports want their money back otherwise they can cause all sorts of Mayhem.

Non compliance allows harmony to take effective control I seem to recall not sure about PNG Ports

Bottom line is if it is not sorted by Sep then its good night Irene for us....