Thought this would happen, page-39

There's so much wrong here it's difficult to know where to start, perhaps I can just explain that actual situation.

QIN have debts of US$250m, fully drawn - that's about $333m. As at 31 May, they had cash of A$17m. An investor holds a put option worth $34m exercisable in July. If - as seems likely - that is exercised, they need to find the cash to pay for it. That needs to come from either product sales, plantation sales, new debt, new equity or a combination of them.

Without a large infusion of cash, QIN are insolvent.