MBN is not theirs to sell. But they can buy the mine if they...

MBN is not theirs to sell. But they can buy the mine if they want to and cheaply too for not much more than current bids - unless that's already them dressed up or presenting as someone else. (KM tell me that it's not).
As the QC pointed out, it's common for secured and / or major creditors to buy a company that's in liquidation and at a price that barely covers what the company owes them: IE A round about way of converting debts into ownership. Again, KM say that's not what's happening here.
In all of this (my guess) the sticking point in the sale is that one of the secured creditors is Bradesco:
- They will want to be doing the best for Brazilian govt and locals and (purely my guess) have a few conditions precedent before locking arms with the other secured creditor and agreeing to MBN being sold by FH for ~$250M (amount gleaned from KM) and then taking their part of those proceeds in turn for giving up their current secured rights to any of the assets.