I agree ideally MEL needs to move on from KBC. I'm just not sure whether that means they will need to also re-finance the Glennon facility as KBC /Glennon looks like a joint facility.
If MEL can keep KBC happy for a while and get some cashflows established then definitely a good time to look for a new financier.
As dumb as it sounds apart from the pesky default the KBC terms are actually pretty good.
Ann: Loan Note Update - Keybridge, page-5
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