Why the trading halt then? If banks pull the pin then sure they have cash but they also have a bunch of trade creditors to pay as and when they fall due. With negative net tangible assets this could cause a problem.
If you can't pay debts as and when they fall due then technically they are trading while insolvent (abiet their business in my view is worth a hefty sum). If you trade while insolvent then directors become personally liable.
If this syndicate pull the pin what other bank would lend to this company when it has a class action etc.
I suspect all will be fine as the remaining assets do have real value and could easily be sold to satisfy any bank debt. I don't think it's that dire.
Based on the current streamlined structure I think it's a matter of getting some breathing space to keep banks at bay. Perhaps if they can't do this they would likely not sell anymore assets but perhaps consider a capuL raise.
Who knows, it's easy to think the worst but time will tell. The whole VET sector has been hit hard. I spotted this from an insolvency firm
