Yes - little slip, but equity ranks bottom of the pile, after...

Yes - little slip, but equity ranks bottom of the pile, after the secured creditors, and they will likely get zero.

Don't really know what to say about MBN (thankfully not a shareholder)and not going to be.

So what is going to happen - unless the nickel price makes a phoenix like recovery over the next 6-12 months, MBN will be wiped out.

Potential scenario is that debt covenants will be triggered and MBN will be placed into administration (perhaps by asset impairment), with the asset being placed on C&M or closed. Cannot see the debt being refinanced/or rolled over; nor can I see an equity refinancing occurring - nickel price outlook just looks too poor.

So those looking for the light at the end of the tunnel need to be careful the light they see is not a train!