If Macquarie bank wasn't backing this, SYD would be in hands of...

If Macquarie bank wasn't backing this, SYD would be in hands of the liquidators and be pursued by ASIC for insolvent trading.

They created a structure to basically pay no tax - I am not sure how they propose to service the debt when they are not making any money.

Monopoly or not wouldn't rule out more capital raising or even partial sale of the business to yet another private equity. Iit wouldn't surprise me if they put the whole thing in the market - they are no different to any other business (if you cant drive revenue from your assets you go bust) except (at least on the paper) they were in dreadful financial situation even before covid19.

I have no faith in anything Macquarie does - first and foremost they look after their own - they have already made their money and shareholders will have a rough time IMHO.