They cant resume trading because if the noteholder does not...

They cant resume trading because if the noteholder does not convert the note to equity, it means he will be calling on his debt. GMC don't have the cash to pay back the debt they owe him. Under this circumstance, GMC end up in administration.

So GMC must do everything it can, bending over and all, to get the noteholder to convert. The problem is that the noteholder knows GMC are on their knees with no cash, and can play tough. From the noteholders perspective, it is better to not agree to convert to 25% equity, and call the debt. If GMC can't pay, they get to keep the smelters (as they already have security against this).

Really really sad time here for all. I can't see this ending well.

My prediction is another extension, or the dreaded Voluntary Administration unfortunately - hope I am wrong though