As far as I have read and understood GBG's obligations to the loans in Karara only extend to GBG's shares of Karara. ie. in the event that Karara defaults, GBG can lose it's entire holding in Karara (currently valued at zero). The whole point of the vote last year was that a motion was raised that GBG's current and other assets would also be put on the line, which was voted down.
If Karara bankrupts, can Ansteel take control?, page-3
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