Because they owe $9M on 31st August. If the CPs are not satisfied, they will not have access to the $7M.
Knowing GMC, they are reliably late, so they will need to find a way to pay the $9M cash = CR.
If you read the 3B, you will see the debt facilities (convertible notes). Below are the CPs from the announcement referred to in the 3B.
TFick tock - 19 business da
For your information the amount subject to the conversion cp is only $6mllion as the $7 million is only a standby facility and has not been withdrawn..The 2 million
is a convertible note issued by GMC to Bluebird and the term is five years from the date of issue and not subject to this CP so I dont know where you got this $9million
You always want to exaggerate things and indulge in scare mongering. I have got
confidence in the management that everything will be finalized before that date and
the Indonesian partners will endeavour to do everything to make this project a success