"I am not sure why Warnie says they don't have to accomplish a...

"I am not sure why Warnie says they don't have to accomplish a deal to resolve this by Feb 15, they only have to come up with A PLAN to do a deal by then. Can you explain the rationale for this, warnie?"

They have to come up with a plan, or course of action that clearly defines how the lenders of the short term funds will be paid back.

That is what has been asked of them.

Even if for instance they managed to sell some assets to another group....the transaction could take some weeks/months to finalise.

if they could show the lenders exactly how they were to be paid back and by when.....the lenders would pull back and collect interest in the process.....this is so long as the lenders agree with the (water tight)plan and can see it as a clear way to retrieve their funds.

This could be by way of an equity group putting up a gaurantee of sorts to cover the debt within say 30-60-90 days.

There would be many scenarios im sure which would add some comfort to the lenders.

They have an extension until Feb 15th.....they are not required as such to sell anything.....they are however required to either cough up the doe....refinance and pay out or show how they intend to do this over a reasonable time period.