That article is a good summary of whats happened but one crucial point gets missed....valuation. Right now the enterprise value is $170m at 44c with about $88m debt. The past collapses have always been from way too much debt rather than a bit more than a prudent board would be comfortable with which is they rightly, imho, cut the dividend.
The NZ business is sound..its AGG that is bleeding and has to be got back to at least breakeven ebit. By the time APL enter the fray Metro should have their debt down to about $65-70m.
The cock-up was buying AGG. That's history of course but if they hadn't done that they'd still be $1+ and paying decent dividends. They simply must sort out AGG or sell it for whatever they can get. Personally I'd take the c. $24m FNZC reckon AGG is worth (if there was a buyer) and in one stroke get the debt down before APL are up and running. If they got $20m for AGG combined with NZ cash flow in a years time debt would be about $50m and npat would be c. $18m if the NZ business keeps trucking along. That would a much more comfortable situation for MPG investors.