well TPG seemed to have called the Coastal bluff with a plan for...

well TPG seemed to have called the Coastal bluff with a plan for limited insolvency. What this means is that if Coastal vote NO, then AEJ automatically goes into limited administration.
l think they are holding all the cards, and an NO vote is simply not on at this stage.

article;

PRIVATE equity group TPG and its partners won't be the biggest losers if Alinta Energy's dissident shareholders vote down their $2 billion bailout plan for the company next week.
Alinta chief Ross Rolfe has made it clear the company, with 5 per cent of Australia's electricity generation capacity spread across 10 power stations and more than 500,000 retail gas and electricity customers in Victoria and WA, will be placed in administration if the deal does not succeed.

But sources close to TPG say they have done the work to ensure that the company's operating businesses will remain operational.

TPG has had Arnold Bloch Leibler's Leon Zwier working on a back-up insolvency plan for the past month to ensure only a limited receivership for Alinta.

One of the biggest dangers for lenders in a full insolvency is that it jeopardises commercial agreements -- everything from contracts with customers and suppliers to licence agreements.

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However, under TPG's Plan E, only an intermediate holding company, Alinta Finance Australia, would be placed in administration and receivership.

It is AFA that technically owes the $2.6bn in senior debt, meaning there would be no insolvency of the operating subsidiaries, so none of the licences and contracts would be lost.

TPG and its fellow lenders have put in place a plan to provide debt facilities of about $60 million for the operating subsidiaries so they can continue to operate and service their debt obligations.

Returns from assets held under the Alinta headstock, which holds the Redbank power station, valued at zero and 3.3c a share in cash, would go to the receivers.

The TPG-led consortium, which holds more than $800m of Alinta's $2.6bn of senior debt, started looking into a limited receivership back in August-September in the midst of the battle with the other lenders over its debt-for-equity swap proposal to gain control of the company.

Blake Dawson's James Marshall, Ian Wallace from Allens Arthur Robinson and Korda Mentha's Martin Madden have been working with Zwier on the plan.

The complete proposal was sent to all lenders on Wednesday evening, ready to be signed if US-based hedge fund Coastal Capital and Sydney's Bronte Capital decide to vote down the deal