There are 2 possible reasons to me;
1. Disorganisation
2. Lack of money/bust.
I would be surprised if they were bust this early, but then again we don't know the underlying situation except to say it was terrible up to the interims and there has been no sign of improvement since.
I have also been surprised that a rescue placing hasn't been announced so far. This could of course be becuase they are trading their way out of trouble. I suspect, but don't know, that it will be because they are struggling to get the deal away.