relevant news article, page-4

If the finance is covenant lite, then the co may be able to make payments until they run out of money. However covenant lite would be strange for a mine, but more common or real estate where the value is in the real estate. 8.75% is cheap finance for this kind of operation so I doubt they will be lite on covenants.

Possibly the bond holders will wait for a report on the exact status of the business, or will wait for the next quarterly, then they will put the business into administration, and the administrator will be making the key decisions on what to do with funds. The administrator will be looking after senior debtors first, and his objective may go not much further than making the debtors (who will appoint the administrator) whole, and charging big fees.

This co has two years of interest cover possibly - but many contracts to pay to cancel, and it is likely that the interest rate in breach of covenants will be much higher than now.

Care and Maintenance may cost a lot as it is an open pit mine - can we let water stay in it, and in the tailings dam??? Not sure.