whats going to happen from here, page-41

KZL had 8 mill cash at bank when they went into VA, so add maybe 32 from MUX when they sell this and they can pay off the secured creditor debt of 40 mill to ANZ & Credit Suisse.

Then you are just dealing with 45-55 mill in debt with a net asset book value of about 375 mill. Admins cost 300-500k until the second creditor meeting, which is a fixed cost. 95 staff would need about 3-4 mill as well if they re-list in six month.

The remaining unsecured debt of 45-55 mill is owed to 828 creditors averaging $60,000 each. The chance of coming out of VA is very likely given no one large unsecured creditor owes a significant amount of debt after the 2 secured creditors are paid.

Credit Suisse claims to be owed $1.27 million for hedging contracts and ANZ has a claim of $30 million relating to performance bonds and $8.7 million in equipment hire purchase. The debt owed to MUX & MOO may be paid in shares from KZLs MUX stake at list price etc.

When you break it down the debt is nothing.