No way a long suspension is good - GMC will either owe interest...

No way a long suspension is good - GMC will either owe interest on the debt (iff the Noteholders agree to extend) or will be forced to pay the debt upfront if there is no extension and lose the smelters if they can't pay.

Worst case here GMC lose the smelters needed to run the project (which has a moratorium.)

At least after Pak Marthen saga/ suspension GMC still had smelters - but that time saw a 80% drop.

I think this could be worse if there is no extension, if it doesn't go straight into administration.

The extension of the notes is vital to the survival of GMC - says so in the auditors note too