So given there is no need to repay the loan prior to expiry, then to be in default means we haven't paid the interest bill which was presumably due in August 2017 and the loan facility is fully drawn.
I can understand when they argued against making repayments on an interest free loan, but to not have allowed themselves a buffer in relation to this loan is just plain stupidity on the part of the head shed.
Ann: Receivers and managers appointed to certain assets of Empire, page-21
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