Branicks - comment
The bonds will be lower on a potential snag in putting together a restructuring agreement. However, the lenders are as incentivised as the bondholders to enter into an agreement to avoid liquidation. This needs to happen by 30 June, or the Promissory Note holders will need to offer an extension to the standstill. We expect some form of debt-equity swap now, with creditors exchanging some debt for control of the business, but our valuation of the assets has not changed.