I agree, if I was Gelba (or anybody else who might be prepared...

I agree, if I was Gelba (or anybody else who might be prepared to put more money into this godforsaken business) I'd be looking to put the business into VA and do a pre-arranged DOCA where in return for contributing $x in new funds, there is a restructuring with the senior debt, the unsecured creditors get wiped (except for key suppliers who will be critical going forward) and most importantly the loss-making sites can be exited without massive lease break costs.

I can't see any other scenario where it would make sense to put good money after bad in this thing.