In my opinion this may accelerate a disaster scenario from late...

In my opinion this may accelerate a disaster scenario from late this year to days or weeks away. I can't see the lenders wanting to do anything other than collect their cash while they can. It might take a week or two to sort out legal interpretations but once decided it would happen quickly.

If MBN was making money on each tonne they mined then perhaps lenders would look at alternate ways of recovering their money but while they lose money with every tonne delivered it is hard to see another sensible path.

I can't see anyone buying MBN either with the amount of debt it is carrying. Far easier to let it go down and buy the assets from liquidators with no debt associated. Unfortunately in that scenario the shares are worth exactly zero cents.

I hope there is a way forward for MBN but the odds seem very stacked against success.